Travel, Tourism & Hospitality
DAE signs agreements to sell 75 aircraft
Dubai Aerospace Enterprise (DAE), the global aviation services corporation, announced that it had recently signed agreements with two counterparties to sell approximately 75 aircraft. Terms of the transactions were not disclosed.
Dubai Aerospace Enterprise (DAE), the global aviation services corporation, announced that it had recently signed agreements with two counterparties to sell approximately 75 aircraft. Terms of the transactions were not disclosed.
The aircraft include:
• A portfolio of approximately 50 Embraer E-JETS to be sold to a specialist lessor
• A portfolio of approximately 25 out-of-production aircraft to be sold to a financial investor with lease, asset and technical management services provided by DAE.
Upon completion, the transactions announced today will reduce the weighted average age and increase the weighted average remaining lease term of DAE’s passenger fleet. Upon completion, DAE’s pro forma fleet composition is expected to be 45% Boeing aircraft, 42% Airbus aircraft and 13% ATR aircraft.
Certain transactions are subject to the receipt of regulatory approvals and other customary closing conditions. All transactions are expected to close before year-end 2025, the conmpany said.
Firoz Tarapore, Chief Executive Officer of DAE, commented: “Consistent with ongoing commitments to our stakeholders, these transactions will achieve multiple objectives by aligning our portfolio composition with our stated target aircraft types, and enhancing the overall fuel efficiency, age profile and remaining lease term characteristics of the portfolio.”
DAE was advised by Allen Overy Shearman Sterling LLP and KPMG on the deals. - TradeArabia News Service