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FINANCIAL NEWS
Etihad Airways acquirers 70% of airberlin’s ‘topbonus’ programme
19 Dec 2012
(MENAFN) Abu Dhabi-based Etihad Airways has agreed to purchase a 70 percent stake in airberlin’s frequent-flyer programme “topbonus”, which will be a relief for the struggling German carrier to cut its costs and repay its debts, Arabian Business reported.
airberlin, which has not made an operating profit since 2007, said the deal would generate revenue of USD242.70 million.
airberlin will remain holding 30 percent of the ‘topbonus’ programme and will have the right to repurchase 10 percent from Etihad later on.
Last year, Etihad acquired some 29 percent of Germany’s No.2 airline and agreed to inject up to USD255 million in the carrier.
The deal is to be completed by the end of the month and proceeds from it will be included in airberlin’s 2012 results.
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