DUBAI: Dubai Aerospace Enterprise (DAE) on Sunday said that it has completed the acquisition of Dublin-based group AWAS after announcing the deal earlier in April.
DAE, which is controlled by the government of Dubai, will now become one of the world’s major aircraft lessors behind General Electric and AerCap after increasing its fleet to almost 400 aircraft valued at over $14 billion with AWAS’ acquisition.
It will have more than 117 airline customers across 57 countries including Ireland, Singapore and the US.
“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 Chief Executive Firoz Tarapore said in a statement.
DAE last month priced $2.3 billion in senior bonds, split across three tranches, with part of the proceeds used for the acquisition of AWA from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.
The company priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in 2022 and $1 billion 5 percent bonds due in 2024.
DAE was also expressed interest in buying narrow and wide-body jets, once the acquisition was completed, from Airbus and Boeing and turboprop aircraft from ATR, which is co-owned by Airbus and Italy’s Leonardo with deliveries to start from late 2019.
Dubai Aerospace Enterprise completes acquisition of Dublin-based AWAS
Dubai Aerospace Enterprise completes acquisition of Dublin-based AWAS
