Middle East

Dubai state-backed DAE buys aircraft leasing firm AWAS

Aircraft leasing company Dubai Aerospace Enterprise has agreed to buy rival AWAS, more than tripling the size of its fleet.

DAE said Monday it agreed to buy the Dublin-based company from funds managed by its shareholders, Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.

It did not disclose the purchase price, but said the combined company would have an owned, managed and committed aircraft fleet of 394 aircraft worth more than $14 billion.

DAE is majority-owned by the Dubai government holding company Investment Corporation of Dubai, which also controls the parent company of Dubai airline Emirates. DAE reported having a portfolio of 112 aircraft earlier this month.

Aircraft lessors lease planes to airlines and other aircraft operators.