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Monday, August 6, 2007

Gulf state buys U.S. aviation subsidiaries from Carlyle group

ABU DHABI — The United Arab Emirates has completed the acquisition of two aviation subsidiaries of a major U.S. firm.

The acquisition would provide the UAE with advanced Western aviation technology and services as part of its plan to establish a global aviation network.

The state-owned Dubai Aerospace Enterprise has formally completed its acquisition of Standard Aero and Landmark Aviation from the U.S.-based Carlyle Group. Executives said DAE, which concluded the $1.9 billion deal on Aug. 1, would absorb the two former Carlyle subsidiaries within its DAE Engineering subsidiary.

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Executives said Standard Aero and Landmark Aviation would form a global aviation services network of 12 primary facilities in the United States, Canada, Europe, Singapore and Australia — with another 14 service and support locations in the Gulf.

That subsidiary will establish headquarters in the United States over the next year, Middle East Newsline reported.

"The closing of this acquisition is an important step forward in the business and investment relationships between Dubai, the United Arab Emirates and the United States," DAE chairman Ahmed Bin Saeed Al Maktoum said. "DAE is making significant strides in the aerospace sector, and we appreciate all that went into making this transaction a success."

The acquisition would provide the UAE with advanced Western aviation technology and services, executives said. DAE marked a $15 billion program by the UAE emirate of Dubai to develop an aerospace industry.

"This is a significant step forward in our strategy which reinforces the progress that DAE has achieved so far, and for sure it will not be the last one," DEA managing director Omar Bin Sulaiman said.

Standard Aero provides gas turbine engine and engineering services, while Landmark Aviation offers nose-to-tail services that include engine, airframe and avionics.

"DAE is quickly establishing itself as a significant player in the global aerospace industry," DAE chief executive officer Bob Johnson said. "The acquisition of Standard Aero and Landmark Aviation provides a critical platform for DAE to take advantage of growth opportunities in the MRO business around the world."

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