A&O Shearman Advised Dubai Aerospace Enterprise (DAE) On Acquisition Of Nordic Aviation Capital Group

A&O Shearman advised Dubai Aerospace Enterprise (DAE) on acquisition of Nordic Aviation Capital Group 

Expected to be complete in the first half of 2025, the transaction remains subject to anti-trust filings.

Dubai Aerospace Enterprise (DAE) Ltd is being advised on its acquisition of Nordic Aviation Capital Designated Activity Company from NAC Holdings Limited for a total transaction value of more than USD2 billion (including outstanding debt) by A&O Shearman. Expected to be complete in the firstN half of 2025, the transaction remains subject to anti-trust filings.

Being one of the world’s largest aircraft leasing companies based in Dubai, the acquisition will boost (DAE) Ltd’s growth in the market, giving rise to a joint platform with 750 owned, managed and committed aircraft with a total value of around USD22bn on lease to about 170 airline customers in nearly 70 countries.

The Nordic Aviation Capital Group, headquartered in Iceland, is an established aircraft leasing company that was founded more than 30 years ago. It has offices in Toronto, Denmark, Dubai and Singapore. NAC’s fleet comprised 233 owned and committed aircraft on lease to around 60 customers in 40 countries as of December 2024.

More than 85% of the shareholders voted for the transaction.

The A&O Shearman core team that led the transaction included Partners Paul Nelson and Hugh Robinson led the A&O Shearman team with support from senior associates Preethi Correa, Evgenia Erakhtina and Andrew Page; associates Paul McKay, Kabir Singh Randeva, Rosalind Roberts and Alexander Manthopoulos; trainees Tommy Halpin-Kelly, Vincent Lafortune and Ali Muminoglu; and solicitor apprentice Jack Muxlow.

Partner Pieter Huizing; senior associate Jochem de Kok; and associates Pauline Van Sande and Bernadette van der Blij provided anti-trust / FDI advice. Partner Eve Giles and Yacine Francis; senior associates Robin Marshall and Angus Ryan; and associate Naina Pagarani provided litigation advice;

Partner Chris Harrison and counsel Gareth Banfield provided tax advice; and Partner Matthew Townsend; associate Gauthier Jacqmin; and trainee Emma Short provided sanctions advice.