DAE Completes US$2.0 billion Acquisition of Nordic Aviation Capital

Dubai, U.A.E., 7 May 2025 – Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today announced that it had completed the previously announced acquisition of 100% of the outstanding share capital of Nordic Aviation Capital Designated Activity Company and its consolidated subsidiaries (“NAC” or “Nordic Aviation Capital”) from NAC Holdings Limited. The enterprise value is approximately US$2 billion.

DAE now has a fleet of approximately 750 owned, managed and committed aircraft. The owned and managed fleet of approximately 650 aircraft is on lease to 161 airlines in 74 countries. In addition, DAE has commitments to acquire approximately 100 aircraft from Boeing, Airbus, ATR, and trading counterparties."

Firoz Tarapore, Chief Executive Officer of DAE, commented, “Our fleet of 650 owned and managed aircraft now makes us the 3rd largest aircraft lessor globally by number of aircraft. This transaction augments our position as a global leader in aircraft leasing and enhances our ability to offer more cost-effective solutions to our current and prospective clients. This transaction also offers us the opportunity to deepen our relationship with the OEMs across a broader range of aircraft types.

We welcome NAC’s airline clients to our client family and look forward to building trusted relationships with them over time. We thank the hard-working men and women who have played a role in the development of NAC since its founding 35 years ago. I would also like to thank NAC’s Chairman Yadin Rosov and Chief Executive Officer Norm Liu and the entire team for their professionalism, dedication and commitment to success throughout this process.”

This transaction was originally announced in January 2025. DAE was advised by Allen Overy Shearman Sterling 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.