Deal prepares easyGroup’s FastJet for takeoff
Lonrho has sold its aviation business to British investment firm Rubicon enabling it to create low cost African airline FastJet with easyJet founder Stelios Haji-Ioannou’s easyGroup.
Lonrho said it had sold the unit to Rubicon for $85.7 million. As part of the deal Stelios’ easyGroup will own 5 percent of Rubicon, reports Reuters.
"Following completion Rubicon will pursue a strategy of developing a low cost African airline utilising the Lonrho Aviation route network and existing platforms," Lonrho said in a statement.
"Under a licensing agreement with easyGroup, the airline will be branded FastJet and will use modern jet aircraft and operate to European standards."
By Diane Evans
Diane
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