Mon 24-04-2017 17:58 PM

Dubai Aero triples jet fleet with multi-billion deal

DUBAI, 24th April, 2017 (WAM) -- Dubai Aerospace Enterprise , DAE, has reached an agreement to buy Dublin-based AWAS Aviation Capital Ltd. from U.K. private equity firm Terra Firma Capital Partners, DAE announced on Monday, April 24th .

The multi-billion deal will propel DAE, one of the Middle East’s biggest plane-leasing companies, into the top rank of global players in the field.

The deal will swell the DAE portfolio with 263 aircraft that AWAS owns, manages or has on order, boosting the fleet to 394 planes valued at more than US$14 billion, according to a statement by the Dubai-based company. Among the acquired aircraft are 23 due for delivery before the end of 2018.

DAE’s Managing Director Khalifa Al Daboos called the deal "strategically compelling," saying it will establish the firm in the aircraft-leasing top 10. The transaction will be financed with existing cash and debt and should be completed in the third quarter, he said.

Terra Firma currently owns 75 percent of AWAS, with the Canadian Pension Plan Investment Board holding a 25 percent stake.

WAM / Hatem /