DAE signs definitive agreement to acquire Sky Fund I Irish

Dubai Aerospace Enterprise (DAE) Ltd today announced the signing of a definitive agreement to acquire 100% of Sky Fund I Irish, Ltd. and its subsidiaries (“Sky Fund I”). Terms of the transaction were not disclosed.

Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Next generation technology aircraft represent more than 90% of the acquired portfolio.

DAE’s Chief Executive Officer, Firoz Tarapore commented, “We are delighted to acquire this unique portfolio of new technology, fuel efficient aircraft on lease to 14 airlines, including six new airline customers for DAE. This transaction will allow us to continue our growth trajectory and materially increase the proportion of new technology assets in our portfolio. DAE has a successful track record of integrating acquisitions into our business, and we look forward to welcoming additional relationships with our current customers as well as new airline customer relationships.”

The transaction will be funded by internal resources and is expected to be completed in the fourth quarter of 2022, subject to the receipt of required regulatory approvals.

DAE was advised by Freshfields Bruckhaus Deringer LLP and KPMG.

Forward Looking Statements

Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE’s current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE’s control.