Dubai Aerospace Enterprise has announced the signing of a definitive agreement to acquire 100% of Nordic Aviation Capital group of companies. Terms of the transaction were not disclosed.
As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft with a total value of approximately US$22 billion on lease to approximately 170 airline customers in approximately 70 countries.
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Firoz Tarapore, Chief Executive Officer of DAE, commented, “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.”
The transaction will be capitalised and funded by internal resources and committed debt financing. This means that DAE’s leverage and funding metrics will remain within the levels consistent with with its credit ratings. The transaction is subject to required regulatory approvals and approval of the shareholders of NAC Holdings Limited and is expected to be completed in the first half of 2025.
DAE was advised by Allen Overy Shearman Sterling LLP and KPMG.
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