Friday 20 September 2019

Cityjet sale to be inked 'in weeks'

Christine Ourmieres, is chief executive of Cityjet
Christine Ourmieres, is chief executive of Cityjet
John Mulligan

John Mulligan

The acquisition of Dublin-based airline Cityjet by Germany's Intro Aviation is likely to be completed within a couple of weeks, Intro's managing director told the Irish Independent.

Peter Oncken has also confirmed that the airline, which is headed by chief executive Christine Ourmieres, will continue to be based in Ireland for the foreseeable future.

Just before Christmas, Cityjet owner Air France-KLM confirmed it had received a firm offer from Intro for the airline.

The deal was due to close this quarter. Releasing fourth-quarter results, Air France-KLM said Cityjet has been reclassified as a discontinued operation on its books and that the sale of the airline is "ongoing".

Despite being in the red – Cityjet made a €209m loss in 2012 after shouldering €185m in exceptional costs and redundancy payments – the airline's takeoff and landing slots at London City Airport are likely to be highly prized.

The offer by Intro for Cityjet envisages "ongoing commercial co-operation with Air France as part of a new industrial plan", the two sides said in December. Intro is also buying Cityjet subsidiary VLM, based in Belgium. Financial terms of the deal haven't been disclosed.

Irish Independent

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