DAE To Buy Landmark, Standard Aero for $1.8 Billion
SEC documents filed yesterday reveal that Dubai Aerospace Enterprise (DAE) will pay $1.8 billion–$300 million more than originally estimated–for the Carlyle Group’s Landmark Aviation of Phoenix and Standard Aero of Winnipeg, Canada. More than half of the total, $1.034 billion, is for Standard Aero. The filing confirms DAE’s commitment to selling off the Landmark network of FBOs soon after the deal is completed. According to the document, DAE will submit a filing to the Committee on Foreign Investment in the United States shortly, one of the steps involved in regulatory approval. A source close to the deal said this is to make the process as transparent and smooth as possible. Final approvals are expected in the third quarter. DAE was founded in February last year by the Dubai government as a global aerospace solutions corporation. The company claims an initial investment of $15 billion.