Dubai’s DAE acquires Dublin-based AWAS

DUBLIN, Ireland - After announcing the deal earlier in April, Dubai Aerospace Enterprise (DAE) said on Sunday that it has completed the acquisition of Dublin-based group AWAS.

The DAE, which is controlled by the government of Dubai, is set to become one of the world’s major aircraft lessors behind General Electric and AerCap after increasing its fleet to almost 400 aircraft valued at over $14 billion with AWAS’ acquisition.

The company will have more than 117 airline customers across 57 countries including Ireland, Singapore, and the U.S.

DAE Chief Executive Firoz Tarapore said in a statement, “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.”

Last month, DAE priced $2.3 billion in senior bonds, split across three tranches, with part of the proceeds used for the acquisition of AWA from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.

The company priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in 2022 and $1 billion 5 percent bonds due in 2024.

According to reports, DAE has expressed interest in buying narrow and wide-body jets, once the acquisition has been completed.