Dubai Aerospace Enterprise signs definitive agreement to acquire Sky Fund I Irish

The carrier confirmed that the deal will be financed from its internal resources.

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Dubai Aerospace Enterprise announced yesterday that it has signed a definitive agreement to acquire 100% of

Sky Fund I Irish, and its subsidiaries, without disclosing the terms of the deal.

Dubai Aerospace Enterprise said in a statement that Sky Fund I Irish owns 36 aircraft leased to 14 airline customers in 11 countries, pointing out that aircraft equipped with the latest technology represent more than 90% of the acquired portfolio.

DAE CEO, Firoz Tarapore, said: “We are delighted to acquire this unique portfolio of fuel-efficient, state-of-the-art aircraft leased to 14 airlines, including six customers from new airlines to DAE."

He added that "the new deal will allow the company to continue its growth path and increase the proportion of new technology assets in its portfolio," noting that "Dubai Aerospace Industries" has a proven track record of success in integrating acquisitions into its business.

Tarapore explained that the deal will be financed through internal resources, and is expected to be completed in the last quarter of this year, subject to the receipt of the necessary regulatory approvals.

It is noteworthy that "Dubai Aerospace Industries" is a global company specialized in aviation services, and it includes two main divisions:

"Dubai Aerospace Enterprise Capital", and "Dubai Aerospace Engineering Corporation".

Headquartered in Dubai, the airline serves more than 170 airline customers in over 65 countries from its seven locations in Dubai, Singapore, Miami, New York, Seattle, Dublin and Amman.

 Aircraft equipped with the latest technology represent more than 90% of the acquired company's portfolio.

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