Dubai Aerospace Enterprise completes AWAS acquisition

Dubai Aerospace Enterprise (DAE) has completed the acquisition of Ireland-based lessor AWAS, quadrupling its aircraft portfolio.

DAE closed the deal Aug. 20, after announcing plans to acquire DAE from private equity investor Terra Firma Capital Partners and the Canadian Pension Plan Investment Board in April.

“The acquisition of AWAS propels DAE into the top tier of global aircraft lessors. DAE will now conduct its aircraft leasing business using the DAE Capital brand name,” DAE said.

Before the acquisition, DAE had a fleet of just over 100 aircraft. The combined company will have an owned, managed and committed aircraft fleet of approximately 400 aircraft with a total value of more than $14 billion, serving more than 117 airline customers in 57 countries from offices in Dubai, Ireland, Singapore and the US.

“The senior management team, representing the best of AWAS and DAE, is now in place and focusing on the seamless integration of the businesses,” DAE CEO Firoz Tarapore said.