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

PAS planning fleet modernisation this year

By Oscar Nkala| Egyptian airline Petroleum Air Services (PAS) says it will in 2017 invest up to US$80 million in a fleet modernisation programme that is aimed at replacing most of its old aircraft.

Oman Air launches four weekly flights to Nairobi

Oman Air has launched its new four times weekly flight from Muscat to the Kenyan capital of Nairobi.

FalconEye combined vision system now certified on Falcon 8X

Dassault Aviation's revolutionary Combined Vision System (CVS) has been certified by the European Aviation Safety Agency and the Federal Aviation Administration for use on the new Falcon 8X ultra-long range trijet.

Ethiopian Airlines and South African Airways to revamp codeshare services

Ethiopian Airlines and South African Airways have entered into an expanded codeshare agreement, signed on October 01, 2016 and projected to be effective as of 2017 summer season.

Italian Air Force C-130 J airlifts wounded Libyan soldiers to Rome

The Italian Air Force (IAF) has confirmed that it flew a Lockheed Martin C-130J Super Hercules mobile hospital aircraft to Benina, Libya to evacuate 22 injured members of the Libyan National Army (LNA) to Rome where they are being treated

Uganda CAA chief ousted over performance issues

The Managing Director of Uganda's Civil Aviation Authority, Wenceslaus Rama Makuza, has been dismissed over alleged performance issues, reports Hillary Muheebwa.

EBACE17 SK0103240517
See us at
Ethiopian AA BT2303130417EBACE17 BT0103240517Aviation Festival BT25114617GroundHandling BT0303280917