Dubai Aerospace to buy Dublin-based Awas Aviation Capital
Purchase will create $14 billion aircraft leasing business
Awas expanded its Boeing Dreamliner fleet in 2016 with its first 787 delivery to Ethiopian Airlines. Photograph: Brenda Fitzsimons
The owners of Awas Aviation Capital, the Dublin-based aircraft lessor, is selling the company to gulf player Dubai Aerospace Enterprise.
The middle eastern lessor confirmed on Monday that it is buying Awas from shareholders Terra Firma Capital and Canada’s state pension reserve.
Neither side disclosed a price for the deal but Terra Firma spent €5.7 billion on Awas in 2006.
Aircraft on order
It has 23 new craft on order for delivery by the end of 2018. At the end of 2015, shareholders’ funds stood at $4 billion while leasing revenues were $1.2 billion.
Dubai Aerospace’s takeover of the Irish business will create a group with a combined fleet of 394 owned, managed and committed aircraft worth $14 billion. It will serve 105 airlines in 55 countries, from the Republic, the US, Dubai and Singapore.
Dubai Aerospace is one of the biggest aircraft lessors in the Middle East. It has 104 aircraft worth about $4.5 billion. It recent agreed to buy a number of aircraft from another Irish-based lessor, Gecas.
Terra Firma is a British private equity fund run by businessman Guy Hands. It says that it has assets of €48 billion under management.
Firoz Tarapore, Dubai Aerospace Enterprise’s chief executive, said Awas had built a respected brand and experienced workforce over three decades.