Middle-east Arab News Opinion | Asharq Al-awsat

Dubai Aerospace Sells Unit to US Firm for $435 Million - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, (Reuters) – State-owned Dubai Aerospace Enterprise (DAE) said on Wednesday it had agreed to sell Landmark Aviation’s fixed-base operations business to U.S. private equity firm GTCR for $435 million.

DAE bought plane-servicing firms Standard Aero Holdings Inc and Piedmont/Hawthorne Holdings Inc, which does business under the name Landmark Aviation, for $1.8 billion in April 2007.

“Our goal from the initial stage of the acquisition was to focus on building a global maintenance, repair and overhaul operation and divest the FBO business,” said Omar bin Sulaiman, managing director, DAE Group in a statement.

Dubai Aerospace is building up a conglomerate operating airports and leasing and servicing planes from its base in the Gulf Arab emirate.

GTCR manages more than $8 billion in equity and mezzanine capital, according to the firm’s Web site.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube