Three Middle Eastern investment companies, including newly-created Dubai Aerospace Enterprise (DAE), are to acquire maintenance firm SR Technics for SFr1.6 billion ($1.3 billion).
DAE will have a 30% share in the consortium which will also include Mubadala Developement with 40% and Istithmar which will have the other 30%. All three companies are from the United Arab Emirates.
The move marks the first significant venture by Dubai Aviation Enterprise which was set up earlier this year with ambitious plans to enter the maintenance, airport, aircraft leasing and training sectors.
SR Technics has been under the joint ownership of investment firms 3i and Star Capital for the past four years.
Source: FlightGlobal.com
