Aircraft leasing firm Dubai Aerospace Enterprise is reportedly planning to sell its StandardAero aviation services unit for $1.8bn.

Sources familiar with the matter told Reuters that the company is in negotiations with Moelis investment bank on an auction for StandardAero.

The auction process is expected to begin later this year, sources told the news agency.

"The auction process is expected to begin later this year."

Arizona-headquartered StandardAero provides engine and airframe maintenance, repair and overhaul, engine component repair, engineering services, interior completions and paint application services.

The company operates 13 primary facilities in the US, Canada, Europe, Singapore and Australia and serves business and general aviation, airline, military, helicopter, components, energy and VIP completions markets.

For the trailing 12 months, StandardAero is reported to have recorded earnings before interest, taxes, depreciation, and amortisation of around $180m.

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In 2007, DAE acquired StandardAero and Landmark Aviation from buyout firm Carlyle Group for $1.8bn. However, Landmark Aviation was sold to private equity firms GTCR and Platform Partners.

The latest plan to sell StandardAero comes for the second time.

In 2010, Deutsche Bank was appointed by DAE to assist it on the sale process but the plans were dropped later due to signs of potential future growth in aerospace after market segment.

DAE specialises in maintenance, repair and overhaul services, aircraft completions and aircraft leasing. The company has a workforce of more than 4,000 across its operations on four continents.