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.
Serves over 170 airlines DAE is an aviation services corporation that serves over 170 airline customers in over 65 countries from its seven office locations Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle, according to its website.
DAE Capital has a fleet value exceeding $17 billion, while DAE Engineering is authorized to work on 15 aircraft types and has approvals from over 25 regulators globally.
In August, DAE reported a 186% surge in profit before exceptional items, to reach $140.1 million for the quarter that ended June 2022.
In April, DAE announced that it had closed a new 4-year $1 billion Revolving Credit Facility with a 1-year extension option. The facility replaces other facilities with near-term maturity dates.
