DUBAI (Reuters) - Dubai Aerospace Enterprise (DAE) has become one of the world's largest aircraft lessors after announcing on Sunday it had completed the acquisition of Dublin-based AWAS [AWASA.UL], the industry's tenth biggest firm. <\/p>\n
The deal triples the Dubai government-controlled aircraft leasing and maintenance company's portfolio of owned, managed and committed fleet to about 400 aircraft worth more than $14 billion. <\/p>\n
That makes DAE one of the world's top aircraft lessors behind the likes of General Electric (GE.N) and AerCap (AER.N). <\/p>\n
DAE will use the brand name 'DAE Capital' to conduct its aircraft leasing business, the company said in a statement announcing the deal had finalised. <\/p>\n
DAE said last month it had raised $2.3 billion to finance the acquisition from private equity firm Terra Firma Capital Partners [TERA.UL] and the Canadian Pension Plan Investment Board (CPPIB). <\/p>\n
DAE announced the acquisition in April, and later said it expected the deal to close in the early part of the third quarter. <\/p>\n
\"This acquisition of the best-in-class AWAS platform provides DAE with an enhanced market position,\" DAE Chief Executive Firoz Tarapore said in the statement. <\/p>\n
\"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.\" <\/p>\n
The deal increases DAE's number of aircraft leasing customers to include 117 airlines in 57 countries. <\/p>\n
Tarapore told Reuters in June the company would consider a jet order of more than 20 aircraft once the deal closed, and that he was interested in Airbus (AIR.PA), Boeing (BA.N) and ATR (LDOF.MI) aircraft. <\/p>\n
Reporting by Alexander Cornwell; Editing by Andrew Bolton <\/p>\n
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Dubai Aerospace completes AWAS acquisition, jets into top tier - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" DUBAI (Reuters) - Dubai Aerospace Enterprise (DAE) has become one of the world's largest aircraft lessors after announcing on Sunday it had completed the acquisition of Dublin-based AWAS [AWASA.UL], the industry's tenth biggest firm. The deal triples the Dubai government-controlled aircraft leasing and maintenance company's portfolio of owned, managed and committed fleet to about 400 aircraft worth more than $14 billion. That makes DAE one of the world's top aircraft lessors behind the likes of General Electric (GE.N) and AerCap (AER.N) Continue reading