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Pegasus parent takes 15% of Air Berlin

30th March 2009 - 19:34 GMT | by The Shephard News Team


The Turkish industrial and financial group ESAS Holding, which operates Pegasus Airlines, has concluded a share purchase agreement for the acquisition of 15.3% of the voting shares of Air Berlin. According to ESAS Holding, the execution of the share purchase agreement is subject to the approval of the German Federal Cartel Office. ESAS will be represented on the board of Air Berlin with one non-executive director.

With this share purchase agreement, Air Berlin has obtained a second new major shareholder, after, on 27 March 2009, a subsidiary of TUI Travel acquired a minority interest not exceeding 20%, in the company. ESAS Holding now holds the majority of the equity stake previously owned by Len Blavatnik. At the beginning of January, Blavatnik had notified Air Berlin that he had sold his shares.

ESAS Holding combines the business activities of the Sabanci family, Ali Sabanci being the chairman of Pegasus. In 2008, the holding generated approximately €445 million (1.1 billion Turkish lira), with more than 3,300 employees.

The Shephard News Team


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