UAE-based global aviation services company, Dubai Aerospace Enterprise (DAE) has completed the acquisition of Sky Fund I Irish and its subsidiaries.
Following the acquisition of SKY Fund I, DAE Capital’s fleet of owned, managed, committed, and mandated-to-manage aircraft will grow to nearly 500 aircraft.
The owned portfolio will include next-generation aircraft with approximately 50 percent fuel efficiency.
The Ireland-based jet lessor 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 percent of the acquired portfolio, according to the company statement.
DAE’s Chief Executive Officer, Mr. Firoz Tarapore, commented that, “This acquisition of mainly next-generation, fuel-efficient aircraft supports our continued growth and furthers our commitment to invest in new technology aircraft, reducing the emissions intensity of our overall fleet. We are delighted to welcome our new airline relationships to the business, and deepen our relationship with existing airline customers.”
The companies did not disclose the value of the transaction, as per the statement. The deal was initially announced in October, with DAE signing a definitive agreement to acquire 100 percent of Sky Fund I Irish and its subsidiaries, with the transaction expected to be funded by internal resources.
DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
Earlier this year, Dubai Aerospace Enterprise signed a $1 billion Senior Unsecured Revolving Credit Facility to secure and support existing combined finance facilities.