Dubai puts StandardAero up for sale: sources

NEW YORK (BestGrowthStock) – Dubai Aerospace Enterprise (DAE) has put aviation services company StandardAero on the auction block and retained Deutsche Bank (DBKGn.DE: ) to advise on the sale, people familiar with the matter said on Friday.

State-owned DAE has opted to entertain offers for part or all of StandardAero — which it bought from private equity firm Carlyle Group (CYL.UL: ) in 2007 — after several potential strategic and financial buyers expressed interest, two sources said.

The auction, which started several months ago, represents part of the Gulf Arab emirate’s effort to dig itself out of a $100 billion-plus debt pile by selling its tightly-controlled companies.

In 2007, DAE bought aviation services providers Standard Aero and Landmark Aviation from Carlyle for $1.9 billion and merged the two companies into one entity in 2008 under the StandardAero brand. The merged firm subsequently divested its airport services operations for $435 million.

Both sources asked not to be identified because the auction is not public. Representatives for DAE could not be immediately reached for comment and Deutsche Bank declined to comment.

(Reporting by Soyoung Kim, editing by Gerald E. McCormick)

Dubai puts StandardAero up for sale: sources