in Business & Finance

Fastjet to acquire branding rights from EasyGroup

Posted 10 July 2017 · Add Comment

Fastjet plc the London-listed co-parent of Fastjet Zimbabwe and Fastjet, has announced plans to acquire the rights to the Fastjet brand from EasyGroup Holdings for USD2.5 million, reports ch-aviation.

The firm said in a statement issued last week that the two parties have already entered into an agreement which, once finalised, will result in "savings" to fastjet over the next five years. 

“Fastjet is a great brand in all its African markets, making it a highly valuable asset for the company," EasyGroup founder and CEO, Stelios Haji-Ioannou, said.

"I have accepted the view of the current board that the company should own its own brand rather than license it from me. I feel we have agreed on a fair price for its transfer - USD2.5 million – which is less than what the company would have had to pay over the next five years. I still hold shares worth about GBP1.3 million in the company and as such I will be a supportive shareholder, hoping to realize significant upside potential as Fastjet grows and prospers."

* required field

Post a comment

Other Stories
Advertisement
Latest News

Garmin introduces the GFC 600H helicopter flight control system

Garmin has launched the GFCTM 600H flight control system for helicopter owners and operators – a breakthrough in cost-effective technology that reduces pilot workload and improves mission effectiveness.

IATA: Sub-Saharan Africa continued to make strong progress on safety

The International Air Transport Association (IATA) released data for the 2017 safety performance of the commercial airline industry showing continued strong improvements in safety.

Ethiopian becomes Africa’s first A350 full-flight simulator operator

Ethiopian Airlines has achieved yet another milestone, becoming the first A350 XWB Simulator Operator in Africa and among the few in the world.

Swaziland seeks to diversify network through subsidised ops

Following the collapse of the Swazi Airways venture before it ever even launched flights, the Swazi government is now courting South African carriers over their interest in connecting Manzini King Mswati III Int'l to various cities

Algerian minister confirms bids submitted re cargo market tender

Algerian Minister of Public Works and Transport, Abdelghani Zaalane, has confirmed that four bids have been submitted to government regarding the proposed liberalisation of the country's air cargo market, reports ch-aviation.

AHRLAC based Bronco II launched

The newly created company Bronco Combat Systems (BCS) USA, announced today the launch of the Bronco II aircraft, which is based on Paramount Group's AHRLAC aircraft (Advanced High-Performance Reconnaissance Light Aircraft).

Aviation Africa SK18418
See us at
Aviation Africa BT18418Global Aerospace BT010518