Dubai: Dubai Aerospace Enterprise (DAE) Ltd announced on Thursday the signing of a definitive agreement to acquire 100 per cent of Sky Fund I Irish, Ltd. and its subsidiaries (“Sky Fund I”). The terms of the transaction were not disclosed.
Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Next generation technology aircraft represent more than 90% of the acquired portfolio.
DAE’s Chief Executive Officer, Firoz Tarapore commented, “We are delighted to acquire this unique portfolio of new technology, fuel efficient aircraft on lease to 14 airlines, including six new airline customers for DAE. This transaction will allow us to continue our growth trajectory and materially increase the proportion of new technology assets in our portfolio. DAE has a successful track record of integrating acquisitions into our business, and we look forward to welcoming additional relationships with our current customers as well as new airline customer relationships.”
The transaction will be funded by internal resources and is expected to be completed in the fourth quarter of 2022, subject to the receipt of required regulatory approvals.
DAE was advised by Freshfields Bruckhaus Deringer LLP and KPMG.