Middle Eastern lessor Dubai Aerospace Enterprise (DAE) has completed its acquisition of AWAS.
DAE signed a definitive agreement to acquire 100% of the AWAS group of of companies from funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board in April.
The lessor says it will now conduct its aircraft leasing business using the DAE Capital brand name.
Following the acquisition, DAE Capital says it will have an owned, managed and committed fleet of approximately 400 aircraft with a value of over $14 billion, offices in Dubai, Dublin, Singapore, Miami, Bellevue and New York and 117 airline customers in 57 countries.
“This acquisition of the best-in-class AWAS platform provides DAE with an enhanced market position. This combined with our capital strength and 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,” says DAE’s chief Firoz Tarapore .
“The senior management team, representing the best of AWAS and DAE, is now in place and focusing on the seamless integration of the businesses.”
Goldman Sachs acted as financial advisors to AWAS for the sale, while Milbank acted as legal advisor.