Dubai Aerospace Enterprise (DAE) has acquired Macquarie AirFinance in a deal with an enterprise value of approximately $9 billion. A&O Shearman advised DAE on the transaction, which significantly expands the company’s position in global aircraft leasing.
The deal gives DAE a combined fleet of roughly 1,000 owned, managed, and committed aircraft, leased to more than 175 airlines across over 75 countries. DAE also holds commitments to acquire around 150 additional aircraft from manufacturers including Boeing, Airbus, and ATR, alongside trading counterparties.
The A&O Shearman team was led by partners Paul Nelson and Hugh Robinson, supported by associates Paul McKay, Sheryl Tan, and Gurveena Hare. Tax advice came from counsel Gareth Banfield and associate James Eggleston, while antitrust matters were handled by partner Pieter Huizing with senior associates Pauline van Sande and Bernadette van der Blij.
DAE Chief Executive Firoz Tarapore credited the firm’s team for their “strong client focus, commercial awareness, and industry expertise.”
For solicitors and partners advising in aviation finance, this transaction demonstrates how consolidation in aircraft leasing continues to demand cross-practice capability spanning M&A, tax structuring, antitrust clearance, and cross-border regulatory coordination.
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In practice, this development means that airlines, lessors, and financial institutions with exposure to leased fleets will need to adapt to changes in the market, where a single counterparty’s fleet expansion can impact lease renegotiation, credit risk allocation, and portfolio diversification.
Law firm management teams competing for aviation and asset-finance mandates will see this as a marker of how much cross-practice resourcing a deal of this size demands, spanning corporate, tax, and antitrust work under one mandate.
Barristers advising on any resulting regulatory or competition scrutiny, particularly where fleet concentration raises questions in specific leasing markets, may find this transaction referenced as a benchmark for enterprise valuation and deal structure in future aviation finance matters.
As aircraft leasing consolidation continues, firms advising lessors, airlines, and financiers should expect an increase in complex, multi-jurisdictional mandates requiring coordinated tax, antitrust, and financing expertise.
The acquisition of Macquarie AirFinance by DAE is a significant transaction that highlights the ongoing consolidation in the aircraft leasing industry. The deal demonstrates the importance of having a deep understanding of the industry and its regulatory framework, as well as the ability to work across different practice areas and jurisdictions.
