Dubai Aerospace Enterprise (DAE) Ltd has signed a definitive agreement to acquire 100% of Macquarie AirFinance Limited (MAF) in an all-cash transaction with an approximate enterprise value of $7 billion.
The combined company will have a pro forma fleet of 1,029 owned, managed, and committed aircraft and will serve 191 airline customers across 79 countries. Narrowbody aircraft are expected to represent approximately 70% of the combined fleet. Upon completion, DAE is expected to add 37 new airline customers to its portfolio, including customers in seven new country exposures.
The transaction will be funded through a combination of debt and equity, structured to support DAE’s current investment-grade credit ratings and its objective of achieving an upgrade following what the company described as a doubling of its franchise over the past 18 months.
The deal has been approved by DAE’s Board of Directors and remains subject to customary closing conditions, including certain regulatory approvals. The transaction is expected to close in the second half of 2026. DAE was advised by Allen Overy Shearman Sterling LLP and KPMG.
Headquartered in Dubai, DAE operates through two divisions: DAE Capital and DAE Engineering. The company serves more than 200 airline customers in over 80 countries from offices in Dubai, Dublin, Amman, Singapore, Miami, and Seattle. DAE Capital manages an owned, managed, and committed fleet of approximately 700 Airbus, ATR, and Boeing aircraft with a fleet value of $25 billion. DAE Engineering provides MRO services across Europe, the Middle East, Africa, and South Asia from its facility in Amman, Jordan, with authorization to service 16 aircraft types and regulatory approvals from more than 30 global regulators.
KEY QUOTES:
“This transaction demonstrates the shareholder’s long-standing commitment to making DAE one of the world’s most preeminent aircraft leasing companies. This transaction continues DAE’s tradition of acquiring established platforms and fleets that are franchise enhancing in nature and represent exceptional shareholder value.”
Khalifa AlDaboos, Managing Director of DAE
“We are thrilled at this opportunity to bring the fleet and people of MAF into our fold and create a bigger, stronger, more diversified, and well-capitalized aircraft leasing company. Our increased scale and presence, along with an enhanced order book, will allow us to serve an additional number of customers with competitively priced offerings that reflect the synergies associated with our new scale. Our industrial-strength platform will effortlessly handle the onboarding of this transaction which, when completed, will more than double DAE’s fleet size compared to year-end 2024.”
Firoz Tarapore, Chief Executive Officer of DAE
