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Etihad concludes Alitalia acquisition
Alitalia confirmed the transaction after completing all the formalities related to the transfer of air transport operations from Alitalia CAI to the new Alitalia SAI.
Abu Dhabi: Etihad Airways has completed the 49 per cent acquisition of Alitalia after injecting €387.5 million in the Italy’s financially troubled airline.
“The transaction will become effective on December 31, 2014 and Alitalia SAI — Società Aerea Italiana will commence operations on January 1, 2015,” according to a statement on Tuesday.
Alitalia confirmed the transaction after completing all the formalities related to the transfer of air transport operations from Alitalia CAI to the new Alitalia SAI. “Etihad Airways has subscribed and paid the capital increase of €387.5 million for the acquisition of a 49 per cent share in Alitalia SAI,” the statement said.
The remaining 51 per cent shareholding is held by Alitalia CAI through MidCo, which has contributed the agreed assets and liabilities for the continuation of the airline.
Etihad Airways, which began operations in 2003, has equity interests in eight airlines including Virgin Australia, airberlin, Aer Lingus, Air Seychells, India’s Jet Airways, Air Serbia and Swiss-based Etihad Regional.
From its Abu Dhabi base, Etihad Airways flies to 111 existing or announced passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of 105 Airbus and Boeing aircraft, and more than 200 aircraft on firm order, including 71 Boeing 787s, 25 Boeing 777-X, 62 Airbus A350s and 10 Airbus A380s.
Etihad Airways has reported total revenues of $1.8 billion for the third quarter of 2014, an impressive increase of 29 per cent achieved on the back of accelerated passenger and cargo growth during the summer. A total of 3.9 million passengers travelled with Etihad Airways between July and September this year, 30 per cent more than the three million passengers from the same period in 2013.
Alitalia is Italy’s leading airline, serving 22 million passengers with a fleet of 158 aircraft.
— haseeb@khaleejtimes.com
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