TUI to sell Corsair to a consortium of investors

Corsair International has made this announcement (translated from French):

An agreement was signed between Corsair, the State and a consortium of investors, presenting a collective financing solution allowing Corsair to overcome the crisis and ensure the sustainability of its activity.

 

The transaction should be finalized by the end of the year after approval by the Commercial Court of Créteil. This agreement, which provides for a global financial contribution of nearly 300 million euros, should allow Corsair, in the context of the unprecedented crisis affecting the air transport sector, to restructure and develop by implementing a strategic project. ambitious, in line with its positioning as a major player in overseas services.

 

The State thus confirms its desire to support French air transport, to preserve employment in a sector particularly affected by the crisis and to maintain a sufficient number of players on overseas services.

 

As part of this transaction, Intro Aviation and the TUI group will sell their entire stake in the capital of Corsair.

 

The consortium of investors, which becomes 100% shareholder, will play a decisive role in the success of Corsair.

 

On the initiative of two entrepreneurs, Eric Kourry and Patrick Vial-Collet, a consortium was quickly formed, bringing together entrepreneurs, particularly from the tourism and hotel sectors, based in the West Indies, Reunion Island and Guyana, as well as as local authorities.

 

Fully aware of the essential role of air transport for the economic and tourist development of the overseas departments and regions (DROM), the consortium acquires all of Corsair’s capital in order to support it in a restructuring project and development, and thus allow the maintenance of a sufficient number of actors on the services of the DROM.

 

Thanks to the very strong local footprint of its members, the consortium will very quickly help strengthen Corsair’s position in the Domian markets. Indeed, significant synergies in support of the development of the company could be implemented, notably with additional business contributions.

 

Corsair now has the means to weather the crisis and pursue the implementation of its strategic plan.

 

The financial support provided for in the framework of the protocol gives Corsair a solid financial basis to ensure its sustainability. With a global financial contribution of nearly 300 million euros to strengthen the company’s equity and cash flow, Corsair can continue to manage the crisis with confidence, continue to improve its level of competitiveness and prepare to seize all opportunities at the time of recovery.

 

The approach to reducing fixed costs has already made it possible to obtain very significant results. The signing of new open-ended agreements replacing the 134 pre-existing agreements and uses, in addition to cost reductions, will simplify operations and improve performance. The social partners have mobilized to bring the new agreements to fruition as soon as possible, in a responsible approach and committed to a sustainable business project.

 

Corsair can now continue with the implementation of the strategic project to become THE overseas company The fleet renewal and modernization project already underway is confirmed, with 5 A330-900 NEOs on firm orders. Thus, 3 NEOs will join the fleet in April, May and June 2021. The 4th NEO should be delivered in December 2021. Corsair will therefore operate a fleet of 9 aircraft from December 2021. In June 2022, the 5th NEO will replace the last A330-200 still present in the fleet which will then be considerably younger with an average age of 5 years.

 

The performance in terms of environmental protection will be significantly improved, thanks to a new engine for the NEOs, which reduces carbon emissions and noise pollution. Aware of its social and environmental responsibility, Corsair is thus rapidly modernizing its fleet and contributing to the energy transition of air transport.

 

In order to develop its position as an overseas airline, Corsair will concentrate on services from the overseas territories. In addition to strengthening the current services (Martinique, Guadeloupe, Réunion, Mauritius, Abidjan and Montreal), an expansion of the network is planned with the opening of new destinations including Mayotte from December 11, 2020.

 

Corsair International aircraft photo gallery: