Plane lessor Dubai Aerospace Enterprise (DAE) said on Wednesday it had completed the acquisition of Macquarie AirFinance for about $9 billion, further consolidating its position as a leader in the aircraft leasing industry.
The move positions the Dubai-based company as the “world’s third-largest aircraft lessor” by fleet value and number of owned and managed aircraft, DAE said in a statement on Wednesday.
The transaction was initially announced in February, when DAE said it had agreed to acquire the Ireland-based company for $7 billion.
The deal gives DAE a fleet of about 1,000 owned, managed and committed aircraft, with a fleet value of $35 billion, DAE said. Its owned and managed planes are leased to more than 175 airlines in over 75 countries. Additionally, DAE has commitments to acquire about 150 aircraft from Boeing, Airbus, ATR and trading counterparties.
“This transaction also allows us to deepen our long-standing relationships with Boeing and Airbus. Delivery slots on our orderbook now extend into the 2030s, giving us the flexibility to better support our airline customers’ fleet requirements," said Firoz Tarapore, chief executive of DAE.
The Macquarie AirFinance deal is expected to allow DAE Capital to add new airline customers and expand its relationships with existing clients. “We are excited to both welcome new airline customers to DAE Capital and expand our relationship with current airline customers as part of the transaction, and we look forward to building on the strengths of the combined business,” Mr Tarapore added.
The move comes as airlines face plane supply shortages and delivery delays, driving demand for leased aircraft and creating opportunities for lessors to expand their portfolios.
Before the deal with Macquarie AirFinance, DAE had a portfolio of 700 aircraft comprising Airbus, Boeing and ATRs, valued at $25 billion, company data in February showed.
DAE this month partnered with US-based Neuberger Specialty Finance to launch Mustang Aerospace, an aircraft leasing co-investment vehicle targeting up to $6 billion in assets over the medium term. Mustang will enable both companies to acquire and manage a diverse fleet of aircraft to support airlines around the world, DAE said at the time.
Last year, it acquired regional aircraft leasing company Nordic Aviation Capital in a deal worth about $2 billion for its fleet of more than 250 jets.
Through its AIS group, the plane lessor acts as servicer in 17 servicing and management agreements for institutional and financial investors, including seven structured aircraft portfolio transactions. Also, DAE and Blackstone Credit and Insurance agreed in April to launch a platform that will invest $1.6 billion annually to build a portfolio of commercial aircraft.
“We have positioned ourselves as a global leader in fleet solutions for our airline customers, delivering high quality, competitive solutions, which are further supported by our recently announced initiatives with both Blackstone and Neuberger, allowing us to provide a compelling offering across fleet life cycles,” Mr Tarapore said.
First-half 2026 performance
DAE also said on Wednesday that its profit on the first six months of this year declined 57.3 per cent to $188.2 million year-on-year, primarily because of insurance recoveries recognised in the previous period.
Total revenue for the six months to the end of June reached $865.9 million, marking a 22.3 per cent increase over its revenue in the same period last year. That increase was driven by the "incremental lease revenue associated with the aircraft acquisitions offset by a decline in engineering maintenance services revenue”, DAE said in a statement.
“The first half has been a momentous period for DAE,” Mr Tarapore said. "We announced the acquisition of Macquarie AirFinance and the formation of two long-term co-investment programs with world-class financial institutions. These co-investment programs are sized to add approximately $15 billion of new aircraft assets over the next five years to our total fleet."
