• Retribution will come

    Those who now pay the price for opposing a corrupt system shall rise again, says Solly Moeng.

  • Ego - the enemy within

    Successful people are humble in their aspirations and resilient in failure, says Ian Mann.

  • You can’t eat dust

    We should insist on products that save our soil and ensure food security, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Lonrho to create budget African airline

Jun 13 2012 10:20
Reuters

London - Lonrho [JSE:LAF] on Wednesday said it had sold its aviation business to British investment firm Rubicon, allowing it to create Africa-focused low cost airline FastJet with EasyJet founder Stelios Haji-Ioannou's EasyGroup.

Lonrho said it had sold the unit to Rubicon for $85.7m. As part of the deal, Stelios' EasyGroup will own 5% of Rubicon.

"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."

Earlier this year Stelios unveiled plans to set up another airline and call it FastJet, stoking tensions between EasyJet management and Stelios, whose family is the largest EasyJet shareholder with 38%.

Former EasyJet chief operating officer Ed Winter will become chief executive of FastJet, while Stelios has the right to be personally appointed to the Rubicon board as one of EasyGroup's board representatives.

 
lonrho

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote

Loading...