DAE Acquires Standard Aero And Landmark Aviation
Dubai Aerospace Enterprise (DAE) will merge both Standard Aero and Landmark Aviation as a business enterprise within DAE Engineering after acquisition of both maintenance, repair and overhaul (MRO) providers for $1.9 billion. Paul Soubry Jr. has been appointed as president and CEO of the combined companies. DAE will divest the Landmark Aviation Airport Services division -- 33 FBOs that also include aircraft sales, charter and MRO operations -- as part of the acquisition. The sale of the FBO unit will be conducted by Merrill Lynch. HH Sheikh Ahmed bin Saeed Al Maktoum, chairman of DAE, called the move "an important step in the business and investment relationships between Dubai, the United Arab Emirates and the United States" and said his company "is quickly establishing itself as a significant player in the global aerospace industry." Through the combination of Standard Aero and Landmark Aviation, DAE wields a global aviation maintenance/service network of 12 primary facilities spread through the U.S., Canada, Europe, Singapore and Australia. That network is buttressed by an additional 14 regionally located service and support locations.