Etihad Airways buys 40% of Air Seychelles for $20 million
Etihad Airways (Abu Dhabi) is acquiring a 40 percent interest in Air Seychelles (Male) for $20 million.
Air Seychelles recently dropped its long-haul services to Europe and retired most of its long-range Boeing 767-300 ERs.
Air Seychelles issued the following statement:
“The Government of Seychelles and Etihad Airways, the national airline of the United Arab Emirates, have signed a Memorandum of Understanding (MOU) wherein Etihad will invest to acquire a 40 percent stake in Air Seychelles Ltd as part of a strategic partnership alliance initiative between Air Seychelles and Etihad Airways.
The deal was announced today (January 26) by Joel Morgan, Seychelles Minister of Home Affairs, Environment, Transport and Energy and James Hogan, President and Chief Executive Officer of Etihad Airways.
Etihad Airways’ investment of $20 million will be matched by an equal capital injection from the Government of Seychelles. In addition, Etihad Airways will also provide a shareholder’s loan of $25 million to meet working capital requirements and support network development.”
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