DAE to buy American firms for $1.5 billion

Dubai: Dubai Aerospace Enterprise (DAE), a $15 billion global aerospace company, is close to clinching a $1.5 billion deal to buy two aviation businesses from US private equity firm Carlyle Group, reports quoting informed sources in the US said.
Sources said DAE is in an advanced stage of discussions to buy Landmark Aviation and Standard Aero Holdings Inc. — both providing repair and overhaul services at airport terminals for small-jet aviation and some military transports — from Carlyle Group, a Washington, D.C.-based firm which has $44.3 billion under management. A few months ago Carlyle opened an office at the Dubai International Financial Centre.
It is learnt that under the deal, DAE would buy and then sell Landmark's 33 business aircraft terminals in the US and Canada, the sources said. DAE will keep the company's aircraft maintenance operations. Standard Aero has no terminals, only repair facilities.
A consortium led by DAE Airports, a division of DAE, is targeting a slice of the $120 billion airport projects expected to be completed by 2014 in Africa, the Middle East, India and China. The consortium, offering a one-stop solution for airport needs, comprises DAE Airports and six other top UAE companies. Its partners are real estate-based Emaar, air services supplier DNATA, aviation industry technology firm Mercator, Emirates National Oil Company, Amlak Finance and Dubai Airports Free Zone Authority.
21/03/07 Khaleej Times/Middle East North Africa Financial Network, Jordan

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Categories: Airports Mar 2007, Foreign Mar 2007