DUBAI: Dubai Aerospace Enterprise said on Feb. 26 it has agreed to acquire Macquarie AirFinance Limited, an aircraft leasing company backed by Macquarie, in an all-cash transaction valuing the business at about $7 billion on an enterprise value basis. DAE said the definitive agreement covers 100% of Macquarie AirFinance and has been approved by its board. The companies said the transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
Macquarie AirFinance, established in 2006, holds a portfolio of 352 commercial aircraft including orders, according to Macquarie Asset Management. The lessor’s portfolio spans 48 countries and is focused on commercial aircraft leased to airlines. Macquarie AirFinance’s shareholder group includes Macquarie Group with a 50% stake, with PGGM Infrastructure Fund and Australian Retirement Trust holding 25% each. The company lists offices including Dublin, San Francisco, London and Singapore.
DAE is an aircraft lessor owned by the Investment Corporation of Dubai and operates a global leasing and portfolio management business. The company has expanded through acquisitions, including the purchase of Dublin-based lessor AWAS in 2017. DAE said it plans to finance the Macquarie AirFinance acquisition through a mix of debt and equity and intends to manage the funding to support its investment-grade credit ratings. The companies said completion is targeted for the second half of 2026.
Transaction details
DAE said the acquisition would create a combined platform with 1,029 owned, managed and committed aircraft on a pro forma basis. The combined business would serve 191 airline customers across 79 countries, with roughly 70% of the portfolio in narrowbody aircraft, DAE said. It added that the transaction would bring 37 additional airline customers into the combined customer base and expand exposure into seven additional countries. DAE said the metrics reflect both owned aircraft and committed deliveries.
Macquarie Asset Management said the sale involves Macquarie AirFinance Limited and is structured as an all-cash transaction. The announced enterprise value of about $7 billion reflects the value of the business on an enterprise value basis, which typically includes debt as well as equity value. The seller said the transaction is expected to complete in the second half of 2026, subject to regulatory approvals, and that Macquarie AirFinance has maintained investment-grade ratings from Moody’s and S&P.
Companies and ownership
Macquarie Asset Management said it is selling the business on behalf of the shareholder group that includes Macquarie Group and its co-investors. Macquarie AirFinance has grown from its 2006 start into a global lessor with a portfolio that includes aircraft on lease and aircraft on order, and it provides airlines with fleet financing through operating leases. DAE said its combined portfolio would be diversified across airline customers and geographies, reflecting long-term leasing arrangements typical of the sector.
DAE and Macquarie Asset Management said the deal remains subject to customary conditions, including regulatory approvals, before it can be completed. DAE said it intends to fund the acquisition while supporting its investment-grade profile and will pay cash consideration at closing under the agreement. The companies did not disclose additional financial terms beyond the announced enterprise value and stated completion is expected in the second half of 2026. – By Content Syndication Services.