$2B aviation acquisition gets PCC nod

It is all systems go for Dubai Aerospace Enterprise (DAE) Ltd. to proceed with its full acquisition of Nordic Aviation Capital Designated Activity Company (Nordic Aviation) in a $2 billion deal, following the green light from the Philippine Competition Commission (PCC).

In a statement issued Monday, the PCC confirmed that on 22 April, it determined the transaction would not substantially lessen competition in the Philippine market.

Dubai Aerospace is owned by the Investment Corporation of Dubai, the principal investment arm of the Government of Dubai. Nordic Aviation, based in Ireland, is owned by NAC Holdings Limited—a holding firm backed by insurers, asset managers, and financial institutions. Both companies are engaged in the global dry leasing of aircraft.

“On 20 March 2025, the PCC Mergers and Acquisitions Office (MAO) commenced a Phase 1 review of the deal. This preliminary assessment evaluates whether the transaction poses competition concerns under the Philippine Competition Act (PCA) that could trigger a more in-depth Phase 2 review,” the PCC said.

After reviewing documentation submitted by the merging parties and feedback from third parties, the PCC concluded the acquisition is unlikely to harm competition due to the firms’ limited market share and the presence of several other players in the aircraft leasing industry.

The MAO also emphasized the competitive and dynamic nature of the global aircraft leasing market, noting it remains open for new entrants.

As mandated by the PCA, the PCC evaluates all mergers and acquisitions to ensure such transactions do not substantially reduce market competition or harm consumer welfare.

On its website, DAE reports a fleet of around 750 owned, managed, and committed aircraft. Of that, about 650 are currently leased to 161 airlines in 74 countries, with an additional 100 aircraft on order from manufacturers such as Boeing, Airbus, ATR, and various trading partners.

“Our fleet of 650 owned and managed aircraft now makes us the 3rd largest aircraft lessor globally by number of aircraft. This transaction augments our position as a global leader in aircraft leasing and enhances our ability to offer more cost-effective solutions to our current and prospective clients. This transaction also offers us the opportunity to deepen our relationship with the OEMs across a broader range of aircraft types,” said Firoz Tarapore, Chief Executive Officer of DAE, in an earlier statement.