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Dubai Aerospace to buy aircraft leasing firm AWAS
[DUBAI] Dubai Aerospace Enterprise Ltd (DAE) announced a takeover of Dublin-based aircraft lessor AWAS on Monday, adding more than 200 planes to its fleet.
Dubai Aerospace said the combined company will have an owned, managed and committed aircraft fleet of 394 aircraft with a total value of more than US$14 billion.
Details of the purchase from Terra Firma Capital Partners and the Canadian Pension Plan Investment Board were not disclosed. "This acquisition of AWAS is strategically compelling and propels DAE into a top 10 aircraft leasing platform," DAE Managing Director Khalifa H. AlDaboos said in a statement from the company.
AWAS owns and manages 231 aircraft placed with more than 90 customers in 47 countries.
Reuters reported in December that AWAS had been put up for sale in an auction that could value the lessor at US$7 billion, including debt.