Consortium acquires FlySafair for 7 billion rands
By the AFREEQUE newsroom, based on TimesLIVE
The South African Competition Tribunal has authorised a consortium led by Harith General Partners to acquire FlySafair, taking full control of the airline. The 7-billion-rand transaction is among the largest in the modern aviation sector, the Sunday Times reports, while South African Airways is facing a new 1-billion-rand bailout.
A consortium led by Harith General Partners will acquire all of FlySafair, the South African low-cost airline, for 7 billion rands. The South African Competition Tribunal authorised the transaction this week, according to TimesLIVE.
FlySafair holds about 60% of the domestic travel market in South Africa. The airline began flying under this brand in 2014, after several decades of freight and aircraft-leasing operations conducted by its parent company Safair, founded in 1965. To meet national ownership requirements, its South African employees were given 25.14% of the share capital before it began operations.
Harith General Partners, founded and chaired by Tshepo Mahloele, already invests in rail, airports, logistics and border-post management. Its chief executive, Sipho Makhubela, presented the acquisition as an extension of the group's transport network and as an investment of South African capital in a national company, TimesLIVE reports.
