United Arab Emirates operator Dubai Aerospace Enterprise appears to have started the sales process of air services company StandardAero, under the guidance of Deutche Bank who will be advising the company on the sale, report market sources familiar with the issue.
The state company Dubai Aerospace Enterprise has chosen to accept offers from investors interested in buying the whole of StandardAero or just part of the company. Dubai Aerospace Enterprise purchased the aviation services provider from the private equity company Carlyle Group in 2007, competing with several financial and strategic investors that expressed their interest.
The sale was initiated a few months back and it embodies the efforts made by the United Arab Emirates to get themselves out of a debt above 100 billion dollars through the sale of companies that are under state control at the moment.
Aside StandardAero, Dubai Aerospace Enterprise acquired from the Carlyle Group another aviation services provider, Landmark Aviation, for a total package deal of approximately 1.9 billion dollars. The state company has joined the two together in 2008, keeping the StandardAero brand name and later parted from operations dealing with airport services worth 435 million dollars.
Sources asked to remain anonymous as the auction for StandardAero was not public. Dubai Aerospace Enterprise representatives were not available for comments, while the consulting company Deutsche Bank declined to make any statements.