Dubai, U.A.E: Dubai Aerospace Enterprise (DAE) Ltd today announced the signing of a definitive agreement to acquire 100% of Sky Fund I Irish, Ltd. and its subsidiaries (“Sky Fund I”). Terms of the transaction were not disclosed.
Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Next generation technology aircraft represent more than 90% of the acquired portfolio.
DAE’s Chief Executive Officer, Firoz Tarapore commented, “We are delighted to acquire this unique portfolio of new technology, fuel efficient aircraft on lease to 14 airlines, including six new airline customers for DAE. This transaction will allow us to continue our growth trajectory and materially increase the proportion of new technology assets in our portfolio. DAE has a successful track record of integrating acquisitions into our business, and we look forward to welcoming additional relationships with our current customers as well as new airline customer relationships.”
The transaction will be funded by internal resources and is expected to be completed in the fourth quarter of 2022, subject to the receipt of required regulatory approvals.
DAE was advised by Freshfields Bruckhaus Deringer LLP and KPMG.
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE Capital is an award-winning aircraft lessor and financier with an owned, managed, committed, and mandated to manage fleet of approximately 450 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s web site at www.dubaiaerospace.com.