Following the closure of a a 15.3% share acquisition, Pegasus Airlines' parent company Esas Holding is now Air Berlin’s biggest shareholder.
The German Federal Cartel Office has approved the transfer of shares, which has resulted in Ali Sabancı, Pegasus Airlines' chairman and member of the board of Esas Holding (pictured), now represent Esas board of Air Berlin.
Having previously expressed interest in M&A (Mergers and Acquisitions) on several occasions, Sabancı reveals, “Consolidation is already widespread in Europe and the rest of the world, as it should also now be in Turkey. Mergers are increasingly a way for airlines to reduce costs and expand their network on a global scale. This year will also be a tough one for Turkey, and we know that only the well-managed companies will survive. As Esas Holding, we have set our vision beyond Turkey and see value in investing in EU countries. We were encouraged by Germany’s significance within the EU, as well as Air Berlin’s strength and management team.”
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