Dubai plane lessor DAE inks pact to acquire Ireland-based Nordic Aviation Capital

Dubai:  Dubai Aerospace Enterprise (DAE) Ltd announced Tuesday that it has signed a definitive agreement to acquire 100 per cent of the Nordic Aviation Capital group of Companies – an Ireland-headquartered aircraft leasing company formed over 30 years ago. Terms of the transaction were not disclosed, the plane lessor said in a statement.

As of September 2024, NAC’s fleet comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.

“On a pro forma basis, DAE Capital’s fleet will comprise approximately 750 owned, managed and committed aircraft with a total value of approximately $22 billion on lease to approximately 170 airline customers in approximately 70 countries,” the company said in a statement.

Firoz Tarapore, CEO of DAE, said, “We are delighted at this opportunity to add NAC’s capabilities, complimentary market presence, and people to our platform. This transaction will allow us to provide more cost-effective solutions to a larger group of customers.”

The transaction will be capitalised and funded by internal resources and committed debt financing. Consequently, DAE’s leverage and funding metrics will remain comfortably within the levels consistent with DAE’s credit ratings. The transaction is subject to required regulatory approvals and approval of the shareholders of NAC Holdings Limited and is expected to be completed in the first half of 2025.