Dubai Aerospace Enterprises (DAE) has sold US-based MRO provider StandardAero to a subsidiary of Veritas Capital.
The maintenance provider, which employs more than 4,000 staff and operates 15 sites in the US, Australia, Singapore and the Netherlands, was bought by DAE in 2007.
DAE, which offers aircraft leasing and completion services as well as MRO, said that it was "refocusing" on building its presence in Dubai.
"DAE Capital will also aggressively acquire aircraft assets to expand its leasing portfolio," confirmed DAE's managing director Khalifa Al Daboos.
He said that the sale of StandardAero to the US-based private equity company would also benefit the MRO by giving it access to Veritas' "global relationships".
Veritas described the StandardAero acquisition as a "cornerstone investment" providing a strategic platform for expanding its presence in the aerospace sector.