Deal prepares easyGroup’s FastJet for takeoff

Friday, 13 Jun, 2012 0

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



 

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