Dubai Aerospace Enterprise Completes Acquisition of StandardAero and Landmark Aviation

DAE will merge the companies as a business enterprise within its DAE Engineering subsidiary. The transaction, valued at US$1.9 billion, brings together two of the world’s leading maintenance, repair and overhaul (MRO) providers.

DAE also announced the appointment of Paul Soubry Jr. as President and Chief Executive Officer of the combined companies. Soubry, who will report directly to Mionis, has more than 23 years experience in the technical and aerospace environment, most recently serving as President and Chief Operating Officer of StandardAero.

"Paul is one of the most experienced and respected people in the MRO business and he is the right person to help spearhead the integration of StandardAero and Landmark and lead the company forward," added Mionis. "He is an important addition to our management team as DAE Engineering leverages its expertise to take advantage of a very attractive marketplace."

Associated Air Center will report separately into DAE Engineering, where the focus will be on operational excellence and strategically growing the business.

As part of the acquisition, DAE will divest the Landmark Aviation Airport Services business, which includes 33 fixed base operations, an Aircraft Sales, Charter & Management business, and MRO operations associated with the FBO sites. The operations of Landmark Aviation Airport Services and the sale process will be overseen by an independent board of trustees made up of former Secretary of Defense James Schlesinger, former Senator Bob Kerrey and former Pentagon Comptroller Dov Zakheim. The sale process will be conducted by Merrill Lynch.

About DAE:

DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions – DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.

Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central – the new 140 square kilometer airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.

DAE's shareholders include EMAAR, ISTITHMAR, Dubai Airport Free Zone Authority (DAFZA), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.

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