Airline Code [SAS]
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Tags :UK, SAS, Spanair
On 30-Jan, the SAS Group (SAS) reached an agreement with Initiatives Empresarials Aeronàutiques, SA (IEASA), a company comprising, Consorci de Turisme de Barcelona, Catalana d'Inciatives, Volcat 2009 and Fira de Barcelona, whereby IEASA would acquire a majority stake of 80.1% in SAS' subsidiary Spanair SA (Spanair) for a cash consideration of 1EUR.
Following the transaction, SAS remains a 19.9% minority shareholder in Spanair and acts as its industrial partner to assist in the implementation of its strategic plan, which aims at further strengthening Spanair's position in Spain and as the leading carrier in Barcelona.
The transaction was completed 31-Mar-09, following receipt of all necessary regulatory clearances by SAS and Spanair, including approval from Spain's competition commission (CNC).
The capital increase in Spanair of 100 MEUR is to be completed before the end of Apr-09. In the interim period SAS has undertaken to provide a bridge loan to Spanair S.A., if needed, of up to 15 MEUR to be repaid not later than 30-Apr-09, and by the structure of the bridge loan the total funding commitments of SAS in Spanair and visavi IEASA following today's closing of the sale will remain unchanged from what SAS has previously disclosed.
(c) Centre for Asia Pacific Aviation. Date posted: 01-Apr-09
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SAS completes sale of Spanair 
