Leasing firm Dubai Aerospace Enterprise (DAE) has announced the sale of its unit StandardAero, an engine maintenance, repair and overhaul (MRO) company, to an affiliate of private equity firm Veritas Capital.

This comes following an agreement reached between the two parties in May, said Khalifa H Al Daboos, the managing director of DAE.

A globally recognised aerospace company headquartered in Dubai, DAE did not disclose the value for the deal.

However, the company had earlier said that it will use the proceeds from the sale to expand the rest of its operations, including to "aggressively acquire" more aircraft to expand it leasing business.

With a current net book value of $3.7 billion, DAE said it will refocus its efforts in building an aerospace footprint from Dubai.

Scottsdale, Arizona-based StandardAero provides engine MRO and nose-to-tail services that include airframe and interior refurbishment, and paint for commercial and military aircraft.

DAE had acquired the US-based firm in 2007, soon after it was set up with the ambition to become one of the world's largest aircraft lessor but was forced to cancel plane orders during the global credit crunch and Dubai's debt crisis.-TradeArabia News Service