Dubai joins jet-lease elite as AWAS deal lands $14b fleet

Dubai Aerospace Enterprise, the Middle East’s biggest plane-leasing company, propelled itself into the top ranks of global players with a multi-billion dollar agreement to buy Dublin-based AWAS Aviation Capital from UK private equity firm Terra Firma Capital Partners. The transaction will swell DAE’s fleet to 394 aircraft valued at more than $14b with the addition of 263 jets that AWAS owns, manages or has on order, the Dubai-based company said Monday. While terms weren’t disclosed, Terra Firma spent E5.68b on AWAS, according to its website. The deal extends a consolidation spree in leasing that last year saw China’s HNA Group agree to buy CIT Group Inc.’s aviation unit for $10b to expand its Avolon Holdings arm. While DAE will rank after HNA and market leaders General Electric Co. and AerCap Holdings NV by fleet value, it joins the next tier alongside BBAM LLC, SMBC Aviation Capital of Japan, China’s BOC Aviation Ltd. and ICBC Financial Leasing Co., and Steven Udvar-Hazy’s Air Lease Corp.<br/>