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Etihad invests $95m in Air Berlin
19 December 2011
The Abu Dhabi-based carrier will take a 29.21% stake in the German airline group.
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Etihad
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Abu Dhabi-based carrier, Etihad, will become the largest shareholder of Air Berlin. The airline will increase its stake in the German carrier from 2.99% to 29.21%.
Etihad will buy 31,574,312 new shares in Air Berlin at €2.31 each. The share purchase is worth €73 million ($95 million) in total.
The new share issue will dilute the stakes of other Air Berlin shareholders. The transaction is expected to close in the first quarter of 2012.
The deal gives Etihad better access to European and US destinations, and provides Air Berlin with a much needed capital injection.
Etihad has agreed to keep the shares for two years, and to not increase its shareholding...
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