Dubai Aerospace Enterprise (DAE) signed a definitive agreement to acquire 100% of Nordic Aviation Capital (NAC), the company said on January 7, 2025.
The company did not disclose the terms of the transaction.
“We are delighted at this opportunity to add NAC’s capabilities, complimentary market presence, and people to our platform,” said DAE CEO Firoz Tarapore. "This transaction will allow us to provide more cost-effective solutions to a larger group of customers.”
As of September 2024, NAC's fleet comprised of 252 owned and committed assets on lease to around 60 airline customers in approximately 40 countries.
On a pro forma basis, DAE Capital's fleet will comprise of around 750 owned, managed, and committed aircraft with a total value of around $22bn on lease to around 170 airline customers in approximately 70 countries.
The transaction will be capitalised and funded by DAE's internal resources and committed debt financing. DAE said its leverage and funding metrics will “remain comfortably within the levels consistent with DAE's credit ratings”.
The deal is expected to be completed in the first half of this year.
DAE was advised by Allen Overy Shearman Sterling and KPMG.