DAE seals Macquarie takeover: Dubai Aerospace Enterprise (DAE) — which is owned by the Investment Corporation of Dubai — inked a definitive agreement to acquire 100% of Dublin-based aircraft leasing company Macquarie AirFinance (MAF) in an allcash transaction with an enterprise value of USD 7 bn, it said in a press release. The takeover is expected to close in 2H, pending regulatory approvals.

The state-backed aviation player edged out a handful of rivals in the process: The buyout — first flagged earlier this month — had reportedly also piqued the interest of Saudi Arabia’s AviLease and Qatar’s Lesha Bank, before DAE came out on top.

The move will see DAE’s combined fleet swell to over 1k aircraft, up from 678, leased to 191 airlines in 79 countries. Narrowbodies — currently in high demand due to 11-year backlogs at Airbus and Boeing — make up 70% of those assets.

Eyeing a credit upgrade: The company, which is rated BBB by Fitch, said it will fund the acquisition via a mix of debt and equity to preserve its investment-grade rating while supporting its push for a credit upgrade to lower future borrowing costs.

ADVISORS- Allen Overy Shearman Sterling and KPMG were financial advisors to DAE.

About Macquarie: Founded in 2006, MAF is owned by Macquarie Asset Management, PGGM Infrastructure Fund, and Australia’s Retirement Trust. Its portfolio comprises 191 Airbus aircraft (owned and on order) in addition to 134 Boeing jets, according to its website.

Our take

DAE managed to double its franchise in just 18 months through pure-play M&A. The MAF takeover follows its USD 2 bn acquisition of Nordic Aviation Capital in May, which alone added 252 assets to DAE’s fleet.

The allcash transaction is supported by a significant capital build-up. In 2025, DAE secured USD 3.9 bn in long-term debt, followed by a USD 600 mn bond in January that was 3.3x oversubscribed.

What could come next: Watch to see if this massive commitment to the leasing book accelerates the rumored sale of its Jordan-based MRO unit Joramco, as DAE sharpens its focus on high-margin asset management over labor-intensive engineering.

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