DAE to acquire AWAS
Dubai Aerospace Enterprise (DAE) signed (24-Apr-2017) a definitive agreement to acquire 100% of the AWAS group of companies from funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board. Terms of the transaction were not disclosed. The combined company will have an owned, managed and committed aircraft fleet of 394 aircraft with a total value of over USD14 billion. It will serve over 110 airline customers in over 55 countries from offices in Dubai, Ireland, Singapore and the US. DAE MD Dr Khalifa H AlDaboos said: "This acquisition of AWAS is strategically compelling and propels DAE into a top 10 aircraft leasing platform. Our leasing business has been growing at a rapid clip and this acquisition will more than double the current size of our business". The transaction will be financed by DAE's internal resources and committed debt financing. The transaction is subject to required regulatory approvals and is expected to be completed in 3Q2017. DAE was advised by Freshfields Bruckhaus Deringer LLP and Morgan Stanley & Co LLC. DAE was also advised by KPMG and Latham and Watkins LLP. Terra Firma and CPPIB have been long-term investors in AWAS, first investing in 2006. [more - original PR - DAE] [more - original PR - Terra Firma]