Air Berlin (1991) (Berlin Tegel) has announced it has indefinitely deferred the proposed sale of a stake in Austrian production unit Niki (Austria) (Vienna) to equity partner Etihad Airways (EY, Abu Dhabi International).
As part of a plan to develop a new European leisure operator in partnership with TUI Group, Air Berlin had intended to sell its 49.8% stake in Niki to Etihad for EUR300 million. The Abu-Dhabi-based carrier was to have then contributed this shareholding to the new European leisure airline group in which it would have owned 25%, TUI AG 24.8%, with Austria's NIKI Privatstiftung foundation holding the remaining 50.2%.
First announced in December last year, the Niki sale transaction was to have been completed in time for the new carrier to have launched this summer season. However, in March, Germany's Frankfurter Allgemeine Zeitung reported that the European Commission (EC) and Germany's Federal Cartel Office (Bundeskartellamt) had yet to give the sale their respective consents.
As such, Air Berlin said in a press release on Friday, June 9, that it has reached an agreement with Etihad wherein the sale of its stake in Niki will 'proceed at a time to be agreed, and in a manner compliant with European Union regulations'.
"Until this sale is completed, Niki will continue to operate as a separate business unit within the airberlin group with a focus on short and medium-haul leisure destinations. The Niki flight schedule for winter 2017 has been published and all bookings remain valid," the statement said.
The announcement follows yesterday's wherein TUI Group and Etihad both confirmed that talks concerning the new leisure carrier had been called off. Etihad said the parties had been unable to reach agreement on the final nature of the joint venture.
