in Air Transport

Solenta Aviation to acquire 28% of Fastjet

Posted 5 January 2017 · Add Comment

South African ACMI/charter specialist Solenta Aviation will acquire a 28% stake in Fastjet and its Fastjet Zimbabwe sister carrier, reports ch-aviation.

 

A disclosure to the London Stock Exchange shows that as part of the transaction, Fastjet will wet-lease three Embraer Regional Jets from Solenta over the next five years. 

Initially, the wet-leased aircraft will be ERJ-145s.  Fastjet will have the right to replace these aircraft with EMB-190s/195s or ATR72-600s, subject to a what it says is a "fair and reasonable adjustment" to the hourly rate. 

"This will give the Company the opportunity to sub-lease its current A-319s saving further costs and provide the Company with the flexibility to grow its capacity in-line with demand as existing routes develop and new routes are set up," said Fastjet. 

Fastjet will issue Solenta approximately 95.6 million new ordinary shares valued at GBP0.163 per share (or GBP15.6 million (USD19.2 million) in total) to acquire a Solenta group SPV that will own the right to enter into the three wet-leases. In return, Solenta will offer discounts to the tune of USD19.2 million on the future cost of services provided while gaining the right to nominate two directors to the Board of fastjet.

The transaction is expected to close on January 24, 2017.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Dassault delivers 2,500th Falcon business jet

Dassault Aviation recently delivered its 2,500th business jet, marking yet another landmark event in the storied saga of the Falcon line.

Air Serv begins operations in Kananga, Democratic Republic of the Congo

Air Serv has deployed a start up team and Cessna Caravan to Kananga, Democratic Republic of the Congo (DRC), to launch a new program in support of humanitarian organizations working in the region. July 10, 2017 saw the departure of the

SA Airlink to provide services to St Helena and Ascension Island

St Helena Government and SA Airlink (Airlink) has signed an agreement for Airlink to provide scheduled commercial air services to St Helena Island. Airlink will also operate a monthly charter service between St Helena and Ascension

SAA wins 'Favourite Airline in Africa' award

South African Airways (SAA) has been named “Favourite Airline in Africa” for the third consecutive year at the annual Trazee Awards.

LATAM Airlines appoints commercial manager for the Africa

LATAM Airlines has appointed Guido Blanco as the new commercial manager for the UK, Africa and Nordic Countries.

Air Leisure ends A340 operations

Egypt's Air Leisure as ended A340-200 operations following the withdrawal from revenue service of its last remaining aircraft of the type - SU-GBM last month, reports ch-aviation.

AfBAC Expo SK2017
See us at
Aviation Africa BT18418ACI Africa BT77181017GroundHandling BT0303280917Global Aerospace BT28218AfBAC Expo BT2017