Middle Eastern lessor Dubai Aerospace Enterprise has agreed to acquire Nordic Aviation Capital, whose fleet includes over 250 aircraft.
The agreement – under which DAE will take the entirety of Nordic’s share capital – will expand the Dubai-based company’s fleet to some 750 owned, managed or committed airframes.
Nordic specialises in regional aircraft and narrowbody leasing.
It has been divesting its older models – notably De Havilland Dash 8-400s and Embraer E-Jets – in favour of building a portfolio of Airbus A220s and A320s, Boeing 737s, and ATR turboprops.
The company generated a $72 million net profit in 2023.
DAE has not disclosed the terms of the acquisition. It says it will fund the deal with internal resources and committed debt.
“This transaction will allow us to provide more cost-effective solutions to a larger group of customers,” says chief executive Firoz Tarapore.
DAE says the deal structure means its leverage and funding metrics will remain “comfortably” within levels “consistent” with its credit ratings.
It expects to complete the transaction in the first half of this year, once it is approved by the shareholders of NAC Holdings.
