UAE’s DAE signs definitive agreement to acquire Sky Fund I Irish

By Shilpa Annie Joseph, Desk Reporter
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UAE-based global aviation services company, Dubai Aerospace Enterprise (DAE) has signed a definitive agreement to acquire 100 percent of Sky Fund I Irish and its subsidiaries.

Dubai Aerospace Enterprise said in a statement that “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.”

Mr. Firoz Tarapore, Chief Executive Officer of DAE, stated that this transaction will allow the organization to continue the growth trajectory and materially increase the proportion of new technology assets in the portfolio.

“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,” Mr. Tarapore noted.

The companies did not disclose the terms of the transaction, which will be funded by internal resources and is expected to be completed in the fourth quarter of 2022, subject to regulatory approvals.

“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 CEO added.

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.

Related: Qatar Airways & British Airways form largest airline joint business


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