3 October 2016
Clifford Chance advises Dubai Aerospace Enterprise on Joramco acquisition
Clifford Chance has advised Dubai Aerospace Enterprise (DAE) on its acquisition of 80% of Jordan Aircraft Maintenance Limited (Joramco) from the Abraaj Group.
Joramco is a leading independent commercial aircraft maintenance, repair and overhaul (MRO) facility serving a wide range of customers in the Middle East, Europe, South Asia, Africa, Russia and the CIS countries. From its base in Queen Alia International Airport in Amman, Joramco offers services on several aircraft models manufactured by Airbus, Boeing and Embraer. Joramco is certified by a number of regulatory authorities which include the Jordan Civil Aviation Regulatory Commission (JCARC), the U.S. Federal Aviation Administration (FAA), the European Aviation Safety Agency (EASA), and the UAE General Civil Aviation Authority (GCAA).
The acquisition completed on 29 September 2016.
The Clifford Chance team was led by M&A partner Mohammed Al-Shukairy, with assistance from senior associate Daniel Boyle and associate Zahra Shahab.
Firoz Tarapore, Chief Executive Officer of DAE, commented "DAE is pleased to have completed the acquisition of Joramco and looks forward to building on the company's success in the coming years. Clifford Chance formed an effective part of our team and helped us move expeditiously to completion. It was critical to us that Mohammed and his team provided DAE with robust and timely legal advice throughout the process, in a manner that clearly understood the commercial context and our objectives."