NORDIC AVIATION CAPITAL acquired by DUBAI AEROSPACE ENTERPRISE (DAE)
Context
Dubai Aerospace Enterprise (DAE), a leading global player in aircraft leasing, has completed the acquisition of 100% of Nordic Aviation Capital (NAC) from NAC Holdings Limited. This transaction is one of the most significant deals in the regional aircraft leasing sector in recent years and substantially strengthens DAE's international presence. The acquisition enables DAE to significantly expand the size and diversification of its fleet, with a post-acquisition fleet of approximately 750 aircraft, comprising nearly 650 owned or managed aircraft leased to 161 airlines across 74 countries. Additionally, DAE has a pipeline of orders for over 100 aircraft from major global aircraft manufacturers, including Boeing, Airbus, and ATR. As a result of this transaction, the group becomes the third-largest aircraft lessor in the world by fleet size. Strategically, the acquisition of NAC allows DAE to bolster its exposure to the regional aircraft segment, which complements its historical portfolio focused on narrow-body and larger-capacity aircraft. The combination is also expected to generate commercial synergies by expanding the group's customer base and strengthening its relationships with aircraft manufacturers. This transaction is part of DAE's international growth strategy, aimed at increasing its critical mass, diversifying its assets, and consolidating its position among the global leaders in aircraft financing and leasing. DAE was advised on the transaction by Allen & Overy and Shearman & Sterling on legal aspects, and KPMG on advisory and due diligence services.
NORDIC AVIATION CAPITAL, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the Financial Services sector (13.1x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded in 1990 in Denmark, Nordic Aviation Capital (NAC) is a leading global player in the regional aircraft leasing market. The company acquires, finances, and leases aircraft to airlines under long-term lease agreements, enabling operators to access modern fleets without incurring the upfront costs of direct acquisition. Over its 35-year history, NAC has established itself as a global benchmark in the turboprop and small-jet regional aircraft segment. The company manages a portfolio of aircraft operated by airlines across all continents. Its business model is centered on holding aviation assets that generate recurring rental income and actively managing its aircraft portfolio throughout their lifecycle. Leveraging its technical and commercial expertise, NAC maintains long-term relationships with a diverse range of regional and national carriers, allowing it to maintain a high level of fleet utilization.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 1b - 4b USD
EBITDA range: 250M - 500M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: dubai aerospace enterprise (dae)