Dubai investment firm Dubai Aerospace Enterprise (DAE) at press time was in “active discussions” with Washington, D.C.-based private-equity firm Carlyle Group to acquire its Standard Aero company and Landmark Aviation, particularly its maintenance, repair and overhaul (MRO) businesses. According to sources familiar with the process, DAE is expected to pay more than $1.5 billion for the two firms. At press time a definitive agreement was pending, but no timetable was given.
Formed early last year as an investment arm of the Dubai government to “explore aviation investment opportunities around the world” and managed by several former executives of Honeywell, DAE acquired its first MRO business–Europe-based SR Technics, which serves airlines in Europe and Asia–late last year. The Carlyle deal would give Dubai a foothold in business aviation MRO operations in North America, if the transaction makes its way successfully through what could be a daunting U.S. government approval and public relations process.
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