DAE announces sale of StandardAero to Veritas Capital

Dubai Aerospace Enterprise (DAE) signed a definitive agreement to sell 100% of StandardAero to an affiliate of Veritas Capital. Terms of the transaction were not disclosed. DAE Managing Director Khalifa H. AlDaboos said: “StandardAero is one of the world’s largest independent MRO platforms with clients in over 70 countries. DAE acquired StandardAero in 2007 and since then has nurtured and built its market leading position. This transaction will allow StandardAero to accelerate its growth by leveraging Veritas’ global relationships and in-market presence.” “DAE will now redeploy capital and refocus its efforts on building a world-class aerospace footprint anchored in Dubai. We will focus on both organic and inorganic opportunities. DAE Capital will also aggressively acquire aircraft assets to expand its aircraft leasing portfolio with a current net book value of US$3.7bn.”