Catalyzes the exchange of the acyl chain in acyl-dihydroxyacetonephosphate (acyl-DHAP) for a long chain fatty alcohol, yielding the first ether linked intermediate, i.e. alkyl-dihydroxyacetonephosphate (alkyl-DHAP), in the pathway of ether lipid biosynthesis. a 1-acylglycerone 3-phosphate + a long chain fatty alcohol = 1-O-alkylglycerone 3-phosphate + a long-chain fatty acid + H(+) 1-hexadecanoylglycerone 3-phosphate + hexadecan-1-ol = 1-O-hexadecylglycerone 3-phosphate + H(+) + hexadecanoate 1-hexadecanoylglycerone 3-phosphate + a long-chain fatty acid = a 1-acylglycerone 3-phosphate + hexadecanoate Inhibited by N-ethylmaleimide, p-bromophenacylbromide, 2,4- dinitrofluorobenzene and divalent cations such as such as Mn(2+), Mg(2+) and Zn(2+) (PubMed:9989261). Inhibition by p-bromophenacylbromide is strongly pH dependent and is highest at alkaline conditions (PubMed:9989261). Optimum pH is 7-8. Glycerolipid metabolism; ether lipid biosynthesis. Homodimer. Belongs to the FAD-binding oxidoreductase/transferase type 4 family.