International Airlines Group (IAG) announced (29-Dec-2017) plans to buy assets of NIKI for EUR20 million and provide liquidity to NIKI of up to EUR16.5 million. The transaction is being made by a newly formed subsidiary of Vueling which will be incorporated as an Austrian company and run initially as a separate operation, subject to customary closing conditions such as the EC competition approval. The assets include up to 15 A320 family aircraft and a slot portfolio at various airports including Vienna, Dusseldorf, Munich, Palma and Zurich. The new company plans to employ approximately 740 former NIKI employees to run the operation. IAG CEO Willie Walsh stated: "NIKI was the most financially viable part of Air Berlin and its focus on leisure travel means it's a great fit with Vueling. This deal will enable Vueling to increase its presence in Austria, Germany and Switzerland and provide the region's consumers with more choice of low cost air travel". [more - original PR]
IAG to buy NIKI assets for EUR20m
1 January, 2018