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3rd September 2018
Shareholders of Nordic Aviation Capital (NAC) have approved the company’s acquisition by Dubai Aerospace Enterprise (DAE), which was announced in January.
Over 85% of the company's shareholders voted in favour of the transaction, which still remains subject to regulatory approvals and other customary closing conditions. It is expected to be completed in the first half of 2025.
The transaction will see DAE acquire 100% of the company's outstanding share capital, with the total transaction valued at over $2bn, which includes outstanding debt.
"We are pleased that shareholder approval has been received to sell the firm to DAE,” commented Norman Liu, NAC president and CEO. “Our significant reshaping of the fleet plus substantial reduction of debt markedly enhanced our acquisition prospects. We appreciate the ongoing support from our business partners and team members during this transition.”
Goldman Sachs International and Deutsche Bank acted as financial advisors to NAC during the transaction, with Clifford Chance and KPMG Deal Advisory acting as legal and accounting advisors, respectively.
As of December 2024, NAC’s fleet comprised of 233 owned and committed aircraft on lease to approximately 60 customers in 40 countries.