Nordic Aviation Capital (NAC), based in Limerick, has signed a definitive agreement for acquisition by Dubai Aerospace Enterprise (DAE), enabling DAE to expand its fleet significantly.
NAC specializes in leasing aircraft to regional airlines and held the title of the largest regional aircraft lessor globally before facing a $6.3bn bankruptcy case.
NAC’s fleet comprised of 252 owned and committed assets on lease to 60 airline customers in 40 countries, half of the total before the Irish company underwent a Chapter 11 bankruptcy process in 2022.
After restructuring, which included a substantial reduction of debt and an equity infusion, NAC emerged from bankruptcy but had to settle for majority ownership by its creditors.
The acquisition will increase DAE Capital’s total fleet to around 750 aircraft valued at approximately $22 billion, servicing around 170 airline customers worldwide.
