CCI Approves 100% Acquisition of Macquarie AirFinance by Dubai Aerospace Enterprise and Eirecam Designated Activity Company

On 2 June 2026, the CCI approved[1] the acquisition of Macquarie AirFinance Limited (Macquarie) by Dubai Aerospace Enterprise (DAE) and DAE Eirecam Designated Activity Company (Eirecam), pursuant to a share purchase agreement. The transaction involved the acquisition of 100% of Macquarie, conferring sole control on DAE and Eirecam.

Transaction Structure and Parties Involved

The Investment Corporation of Dubai (ICD), the ultimate owner of DAE and Eirecam, is active in air transportation through Emirates and Dubai Aviation Corporation (flydubai). DAE is a global aircraft lessor, while Eirecam is its wholly owned subsidiary with no current business operations.

Macquarie is also a global aircraft lessor. ICD and its affiliates constitute the Acquirer Group, while Macquarie and its affiliates constitute the Target Group.

CCI’s Competitive Assessment

Horizontal Overlaps and Vertical Linkages

The CCI identified horizontal overlaps in the dry leasing of aircraft to airlines globally and in India.

It also identified a vertical linkage between the Acquirer Group and Target Group’s global dry leasing activities and the Acquirer Group’s downstream air passenger transport services in India through Emirates and flydubai.

The CCI left the precise market definition open, as the transaction did not raise concerns under any plausible market definition.

Market Share and Competitive Constraints

As airlines and lessors operate and source aircraft globally, the CCI assessed the horizontal overlaps at both global and India levels. The parties had relatively low combined shares and limited increments.

Established lessors exerting significant competitive constraints included:

• AerCap Holdings
• SMBC Aviation Capital
• Avolon Holdings
• BOC Aviation

The Acquirer Group’s downstream presence in Indian air passenger transport was also miniscule and did not raise foreclosure concerns.

CCI’s Decision

Considering the parties’ limited market presence and competitive constraints, the CCI found that the combination was unlikely to cause an AAEC in India and approved it under Section 31(1) of the Competition Act.

Business Takeaway

The decision highlights that the CCI may assess competitive dynamics at both global and Indian levels where the relevant market is inherently global. Businesses should therefore also consider global competitive dynamics, alongside their Indian market position, when assessing the competition implications of cross-border transactions.

[1] CCI: Notice under Section 6(2) of the Competition Act, 2002 given by Dubai Aerospace Enterprise (DAE) Ltd and DAE Eirecam Designated Activity Company, Combination Registration No. C-2026/04/1404, order dated 2 June 2026.

Last Updated on 21 August, 2026