Aircraft lessors today are worth more across the globe after Terra Firma managed to get US$7.15bn for AWAS on a basis of close to 1.2x price-to-book ratio. That is good going and Terra Firma has ended its investment in very strong fashion. Terra Firma held out for a company that could see the gain from AWAS – DAE is that company. It is well worth considering the fact that when it comes to DAE’s purchase of AWAS, Standard Aero is more like a trade (delayed) to help fund the AWAS acquisition, which has given DAE more breath, global reach and

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