New European airline joint venture with Etihad receives TUI approval

Published on : Friday, November 25, 2016

etihad-aviation-groupThe plan to create a new European airline joint venture with Etihad Aviation Group has received green signal from TUI AG‘s supervisory board.

 

The new airline joint venture, headquartered in Vienna, is planned to serve a broad route network with its two airlines, TUI fly and NIKI, a total fleet of around 60 aircraft and a seat capacity of 15 million seats per year, operating from key departure airports in Germany, Austria and Switzerland.

 

TUI AG is to hold a stake of 24.8 per cent in the joint venture, with Etihad holding 25 per cent of the interests. The remaining 50.2 per cent would be held by the existing private foundation NIKI Privatstiftung.

 

TUI will contribute its German leisure airline subsidiary TUI fly GmbH to a joint venture with Etihad.

 

The contractual negotiations between all involved stakeholders are expected to be finalised in the next few weeks.

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