December 13, 2024 21:18 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess

Etihad Aviation Group Board approves JV to create major European leisure Airline group

| | Dec 06, 2016, at 12:11 am
New Delhi, Dec 5 (IBNS): The Etihad Aviation Group (EAG) Board has approved plans to create a new European leisure airline group in a joint venture with TUI AG, with a fleet of around 60 aircraft, offering 15 million seats capacity per year, focused on point-to-point flying to connect key European tourist markets. The transaction is subject to approvals by aviation regulatory bodies and anti-trust authorities.

The planned transaction includes an agreement for EAG’s subsidiary Etihad Investment Holding Company LLC (Etihad) to acquire the 49.8 per cent share indirectly held by airberlin in its subsidiary airline NIKI Luftfahrt GmbH. At closing of the transaction, Etihad will immediately contribute the share in NIKI to the new European leisure airline group and will not effectively control, or become a majority owner of NIKI.

TUI will contribute its subsidiary TUIfly GmbH to the joint venture, including the 14 aircraft currently operated by TUIfly for airberlin under a wet-lease agreement.

This follows approval on Wednesday 23 November 2016 by TUI AG’s Supervisory Board.

TUI AG will hold 24.8 per cent of shares in the joint venture company, with Etihad holding a 25 per cent stake. The remaining 50.2 per cent will continue to be held by the existing private foundation NIKI Privatstiftung.

The new leisure airline group, headquartered in Vienna, is scheduled to begin operations in April 2017, the start of the summer season, serving a broad network of destinations from Germany, Austria and Switzerland (Hanover, Berlin, Düsseldorf, Cologne, Frankfurt, Stuttgart, Munich, Nuremberg, Baden-Baden, Hamburg, Basel and Vienna). Key markets will include the Balearics, Canaries, mainland Spain and Greece.


The joint venture will be supported by the expertise of Etihad Aviation Group, the fastest-growing aviation group in the world, and TUI Group, the world’s leading tourism business with a strong focus on hotels and cruises.

It will be able to leverage synergies and economies of scale accessible through Etihad Airways Partners and the TUI Group to ensure a lean overhead structure and competitive production cost.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.