DAE to acquire Macquarie AirFinance in US$7bn deal

Dubai Aerospace Enterprise (DAE) has entered into a definitive agreement to acquire 100% of Macquarie AirFinance (MAF) for an approximate enterprise value of US$7 billion.

The combined group will have a pro forma fleet of 1,029 owned, managed and committed aircraft and will serve 191 airline customers across 79 countries. Narrow-body aircraft will account for approximately 70% of the enlarged fleet. Upon completion, DAE is expected to add 37 airline customers to its portfolio, including operators in seven new country markets.

The transaction will be prudently financed through a combination of debt and equity, supporting DAE’s current investment-grade credit ratings and its objective of achieving an upgrade following the doubling of the franchise over the past 18 months.

Commenting on the transaction, Khalifa AlDaboos, Managing Director of DAE, said: “This transaction demonstrates the shareholder’s long-standing commitment to positioning DAE among the world’s leading aircraft leasing companies. It continues DAE’s strategy of acquiring established platforms and fleets that enhance the franchise and deliver exceptional shareholder value.”

Firoz Tarapore, Chief Executive Officer of DAE, added: “We are delighted to welcome MAF’s fleet and people into DAE and to create a larger, stronger, more diversified and well-capitalised aircraft leasing company. Our increased scale and market presence, together with an enhanced order book, will enable us to serve a broader customer base with competitively priced solutions reflecting the synergies of our expanded platform. Our robust operating platform is well equipped to integrate this transaction, which on completion will more than double DAE’s fleet compared with year-end 2024.”

The transaction has been approved by DAE’s Board of Directors and is subject to customary closing conditions, including receipt of certain regulatory approvals. It is expected to complete in the second half of 2026.

DAE was advised by Allen Overy Shearman Sterling LLP and KPMG.