Dubai-owned DAE signs deal to buy rival lessor Nordic Aviation Capital
Dubai Aerospace Enterprise (DAE) has signed a definitive agreement to acquire 100% of rival Irish lessor Nordic Aviation Capital.
The Dubai-owned lessor confirmed on January 7, 2025, that the deal is still subject to regulatory and shareholder approval, but it is expected to be completed within the next six months.
Nordic Aviation Capital, which has a 30-year heritage of leasing aircraft from its Irish headquarters, has a fleet comprised of 252 owned and committed aircraft on lease to around 60 airline customers across approximately 40 countries.
Upon completion of the deal, DAE’s fleet will balloon to around 750 owned, managed and committed aircraft (worth $22 billion), with 170 airline customers in 70 countries.
Firoz Tarapore, CEO of DAE, said: “We are delighted at this opportunity to add NAC’s capabilities, complementary market presence, and people to our platform. This transaction will allow us to provide more cost-effective solutions to a larger group of customers.”
A spokesperson for DAE said that the “transaction will be appropriately capitalized and funded by internal resources and committed debt financing, adding that “consequently, DAE’s leverage, and funding metrics will remain comfortably within the levels consistent with DAE’s credit ratings”.
DAE is owned by the Investment Corporation of Dubai, the investment arm of the Government of Dubai. Its current fleet includes around 500 Airbus, ATR and Boeing aircraft, with a total value of $18 billion.
In related news, on December 7, 2024, Nordic Aviation Capital announced that it has executed a lease agreement for two ATR 72-600s with Canada-based Rise Air.
Nordic Aviation Capital describes itself as a “global leader in regional aircraft leasing” that is “expanding into larger narrowbody aircraft”.
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Dubai Aerospace Enterprise (DAE) has signed a definitive agreement to acquire 100% of rival Irish lessor Nordic Aviation…
The post Dubai-owned DAE signs deal to buy rival lessor Nordic Aviation Capital appeared first on AeroTime.
