Dubai Aerospace Enterprise (DAE), a globally recognised aerospace company headquartered in Dubai, has announced the signing of a definitive agreement to acquire 100 per cent of the AWAS group of companies, a global leader in aircraft leasing.

The acquisition is  from funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board. Terms of the transaction were not disclosed.

Operating for more than 30 years, AWAS is one of the world’s leading aircraft leasing companies, with a fleet of 263 owned, managed and committed narrow and wide-body aircraft, including a pipeline of 23 new aircraft on order to be delivered before the end of 2018.  AWAS currently provides customized aviation solutions to over 85 airline customers in over 45 countries, said a statement.

The combined company will have an owned, managed and committed fleet of 394 aircraft with a total value of over $14 billion. It will serve over 110 airline customers in over 55 countries from offices in Dubai, Ireland, Singapore and the US.
 
DAE managing director Khalifa H AlDaboos said: “This acquisition of AWAS is strategically compelling and propels DAE into a top 10 aircraft leasing platform. Our leasing business has been growing at a rapid clip and this acquisition will more than double the current size of our business, providing the necessary scale for DAE to best serve its customers.”

DAE chief executive officer Firoz Tarapore said: “Over three decades AWAS has built a respected brand, a highly experienced workforce, and a world-class platform with all key capabilities in-house.  We are delighted to be able to acquire this platform, and to combine it with our capabilities to offer our global customers an even wider range of aviation solutions. In addition, this combination results in a well-diversified portfolio with the ability to generate strong risk-adjusted returns.”   

The transaction will be financed by DAE’s internal resources and committed debt financing. The transaction is subject to required regulatory approvals and is expected to be completed in the third quarter of 2017, said the statement. - TradeArabia News Service