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DAE completes AWAS acquisition
August 25th 2017
UAE lessor, Dubai Aerospace Enterprise (DAE), this week completed the acquisition of Ireland-based lessor AWAS. Read More » The takeover saw DAE’s fleet quadruple.
“The acquisition of AWAS propels DAE into the top tier of global aircraft lessors. DAE will now conduct its aircraft leasing business using the DAE Capital brand name,” DAE said.
In July, DAE said it had raised US$2.3 billion to finance the acquisition from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.
Before the acquisition, DAE had a fleet of 102 aircraft. The combined company will have an owned, managed and committed fleet of approximately 400 aircraft with a total value of more than US$14 billion.
The new DAE Capital will serve more than 117 airline customers in 57 countries from offices in Dubai, Ireland, Singapore and the U.S.
“The senior management team, representing the best of AWAS and DAE, is now in place and focusing on the seamless integration of the businesses,” said Firoz Tarapore, DAE Capital CEO. “This combined with our capital strength and our committed long-term ownership will allow us to provide a more comprehensive range of aviation fleet and financing solutions to our clients across the globe.”
DAE Capital is expected to place an order for up to 20 new aircraft in the second half.
