Nordic Aviation Capital’s shareholders have approved the acquisition of the lessor by Dubai Aerospace Enterprise (DAE).

DAE will acquire 100% of the outstanding share capital of NAC with a total transaction value of over $2 billion, including outstanding debt.

As previously reported by Airfinance Global, the definitive agreement signed by DAE for the full perimeter purchase of NAC includes a 60-day go-shop provision. However, DAE’s intent was never in doubt. The Dubai-based lessor has been open about its M&A appetite on earnings calls and during events during the past several years. Over 85% of the shareholders voted in favour of the transaction.

Airfinance Global first revealed the sale in November 2023 with a formal process in May 2024. The sale is expected to be completed in the first half of 2025. The transaction would increase DAE’s portfolio to 750 owned, managed and committed aircraft and propel the lessor to the top five, based on the number of assets, according to Airfinance Global’s Leasing Top 50 ranking.

DAE currently owns, manages, and is committed to owning a total of 500 aircraft, including 215 from Boeing. As of December 2024, NAC’s fleet comprised 233 owned and committed aircraft on lease to approximately 60 customers in 40 countries.

Goldman Sachs International and Deutsche Bank acted as financial advisors to NAC; Clifford Chance and KPMG Deal Advisory acted as legal and accounting advisors, respectively.

Yadin Rozov, NAC chairman, said, “I appreciate the DAE and NAC teams progressing this transaction to this critical milestone and look forward to a closing in the months ahead”.

Norman Liu, NAC president and chief executive officer, said, “We are pleased that shareholder approval has been received to sell the firm to DAE, a top global aircraft lessor. Our significant reshaping of the fleet plus substantial reduction of debt markedly enhanced our acquisition prospects. We appreciate the ongoing support from our business partners and team members during this transition.”

Laura Mueller