Dubai Aerospace Enterprise To Acquire Nordic Aviation Capital
(MENAFN- The Arabian Post)
Arabian Post Staff -Dubai
Dubai Aerospace Enterprise (DAE) has announced a definitive agreement to acquire 100% of Nordic Aviation Capital (NAC), a leading aircraft leasing company established over three decades ago. The terms of the transaction have not been disclosed.
As of September 2024, NAC's fleet consisted of 252 owned and committed assets, leased to approximately 60 airline customers across 40 countries. Following the acquisition, DAE's fleet will expand to about 750 owned, managed, and committed aircraft, valued at approximately $22 billion, serving around 170 airline customers in 70 countries.
Firoz Tarapore, CEO of DAE, expressed enthusiasm about the acquisition, stating,“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 acquisition will be financed through internal resources and committed debt financing, ensuring that DAE's leverage and funding metrics remain consistent with its credit ratings. The transaction is subject to regulatory approvals and the approval of NAC Holdings Limited's shareholders, with completion anticipated in the first half of 2025.
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