Copenhagen / Dubai – 8 August 2025
In the largest aircraft-leasing takeover of the year, Dubai Aerospace Enterprise (DAE) has closed its all-cash acquisition of Nordic Aviation Capital (NAC), the Danish-founded lessor known for its regional-turboprop and narrow-body fleet. The transaction, which values NAC at an enterprise value of roughly US $2 billion (≈ 13 billion DKK), was approved by more than 85 % of NAC shareholders in May and has now cleared the final regulatory clearances across Europe, North America, and the UAE.
What was sold
DAE acquired 100 % of the share capital of NAC and its 40+ consolidated subsidiaries from the seller, NAC Holdings Limited. The package includes:
• ~450 owned aircraft, mainly ATR 72s, Embraer E-Jets, Airbus A220s and A320-family jets
• ~300 additional managed or committed aircraft on forward-order
• 161 airline customers in 74 countries
• All employees (≈ 400 worldwide), Dublin and Billund offices, and the NAC brand for an interim transition period
Global scale after the deal
Combined, DAE and NAC will control a fleet of approximately 750 aircraft, making the enlarged group the world’s third-largest aircraft lessor by number of aircraft—behind only AerCap and Avolon. The move also pushes DAE past SMBC Aviation Capital and Air Lease Corporation in the rankings.
Industry reaction
At a hand-over ceremony in Dubai on Monday, DAE’s CEO Firoz Tarapore praised NAC’s 35-year track record: “The NAC team built the pre-eminent regional-aircraft leasing franchise. We intend to keep that DNA intact while turbo-charging growth with our balance-sheet strength and global reach.”
NAC’s outgoing chairman, Martin Møller Nielsen, told Danish media that the sale was “the right next chapter for our employees, our airline customers, and the Nordic leasing legacy.”
Broader consolidation wave
The acquisition is the latest in a string of mega-mergers reshaping aircraft leasing. With interest rates stabilising and airlines clamouring for lift, lessors are racing to add scale, lower funding costs, and diversify fleets. Analysts expect further tie-ups in the mid-tier segment in 2025-26.
Impact on Denmark
While NAC’s operational headquarters will remain in Ireland (Dublin), around 120 staff in Billund, Denmark—home of the company’s founding family—will transition to DAE. Danish unions say job security has been guaranteed for at least three years under the sale agreement.
Currency snapshot
13 billion DKK ≈ US $1.94 billion (spot rate 6.7 DKK/USD on 8 Aug 2025).
Looking ahead
DAE plans to integrate NAC under a single global platform by Q1 2026, while retaining the NAC brand for its regional aircraft marketing arm. The enlarged group expects to reach US $25 billion in total assets and forecasts double-digit lease-portfolio growth through 2027, driven by demand for fuel-efficient turboprops and next-generation narrow-bodies.