Dubai Aerospace Enterprise (DAE) said Monday that it had completed its acquisition of SKY Fund I Irish and its subsidiaries.
DAE Capital’s fleet of aircraft will grow to nearly 500 planes following the acquisition. The acquired company leases aircraft to 14 airline customers in 11 countries, the company said in a statement. The statement highlighted that 90% of the acquired represents next-generation technology aircraft.
After the acquisition, DAE's fleet will consist of nearly 50% of fuel-efficient, next-generation aircraft, added the statement.
The acquisition is in line with DAE's plans to invest in new technology aircraft and reduce the emissions intensity of its overall fleet.
"We are delighted to welcome our new airline relationships to the business and deepen our relationship with existing airline customers,” said DAE CEO Firoz Tarapore in the statement.
The deal was previously announced on October 6, 2022. DAE stated then that the acquisition would be funded by internal resources.
