Etihad Airways finalises Jet Airways deal | MEED
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Etihad Airways finalises Jet Airways deal
21 November 2013 9:04 AM By Meed
Indian regulatory authorities finally sign off on Etihad Airways equity stake deal
Abu Dhabis Etihad Airways has finalised a deal to secure a 24 per cent equity stake in Indias Jet Airways.
The long-awaited final regulatory approvals from India were obtained on 12 November.
On 20 November, Jet Airways issued 27,263,372 equity shares to the airline, which equates to an equity stake of approximately $379m.
Through codeshare agreements between the two, passengers on Jet Airways will be able to tap into Etihads global destination network.
The equity stake in Jet Airways reflects Etihads wider growth strategy. The airline announced at the Dubai Airshow on 19 November that it had secured a 33.3 per cent stake in Swiss-based airline Darwin Air.
Through its partnership with Darwin, Etihad will rebrand all Darwin flights within Europe as Etihad Regional. It is the first time the brand name has been used by Etihad Airways as part of an equity agreement and will set a precedent for future deals.