The Philippine Competition Commission (PCC) said Monday it approved Dubai Aerospace Enterprise Ltd.’s proposed acquisition of Nordic Aviation Capital DAC from NAC Holdings Limited.
The PCC said in a decision dated April 22, 2025 that the transaction is unlikely to harm competition, citing the companies’ limited market shares and the presence of other players in the sector.
Dubai Aerospace is owned by the Investment Corporation of Dubai, the principal investment arm of the government of Dubai, while Nordic Aviation, an Ireland-based aircraft lessor, is owned by NAC Holdings, a company backed by insurance firms, asset managers, and other financial institutions.
Both firms are engaged in the global dry leasing of aircraft.
The PCC’s Mergers and Acquisitions Office (MAO) launched an initial assessment to determine whether the transaction may raise competition concerns under the Philippine Competition Act (PCA) on March 20, 2025.
