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The Philippine Competition Commission has cleared Dubai Aerospace’s acquisition of Nordic Aviation Capital
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The Philippine Competition Commission found the deal had no substantial competition concerns due to minimal local market impact and active global competition
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The transaction will increase Dubai Aerospace’s fleet to 750 aircraft, making it the world’s third-largest aircraft lessor
The Philippine Competition Commission (PCC) has cleared Dubai Aerospace Enterprise Ltd.’s (Dubai Aerospace) proposed acquisition of Nordic Aviation Capital Designated Activity Company (Nordic Aviation) from NAC Holdings Limited.
On April 22, 2025, the Commission decided that the transaction would not substantially reduce competition in the Philippines. Dubai Aerospace is owned by the Investment Corporation of Dubai, the principal investment arm of the Government of Dubai. Irish-based lessor Nordic Aviation is owned by NAC Holdings, a holding company backed by insurance firms, asset managers, and other financial institutions.
Both companies are involved in the global dry leasing of aircraft.
On March 20, 2025, the PCC Mergers and Acquisitions Office (MAO) commenced on a Phase 1 review of the deal. The 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.
After reviewing submissions from the merger parties and third-party feedback, the MAO concluded that Dubai Aerospace’s acquisition of Nordic Aviation is unlikely to harm competition, due to their minimal market shares and the presence of other competitors in the industry. The MAO also noted the dynamic nature of the global aircraft leasing market which makes it attractive for additional players to enter.
Dubai Aerospace first announced the acquisition of Nordic Aviation in early January 2025, stating that the deal would increase its fleet to 750 aircraft and make it the world’s third-largest aircraft lessor by fleet size. The terms of the transaction were not disclosed.
The PCA mandates that it review mergers and acquisitions to ensure these deals do not substantially lessen competition in relevant markets or harm consumer welfare.
