Harith Targets FlySafair in Strategic Airline Buyout

Low-cost South African airline FlySafair, in which Ireland-based ASL Aviation has a total beneficial ownership of 74.86%, has entered into a sale and purchase agreement under which South Africa-based investment holding company Harith and its affiliates will acquire a 100% stake. This idea has been floated before.

According to FlySafair spokesperson Kirby Gordon, FlySafair’s shareholders have been interested in exiting the airline since 2019. At the time, South Africa’s Competition Commission refused to approve a proposed merger between FlySafair and Airlink, another privately owned South African airline. The value of the Harith transaction, which is still subject to aviation regulatory and South African Competition Commission approval, was not disclosed, but Harith has indicated that South Africa’s Public Investment Corporation (PIC) has no involvement in the deal.

Over the past 20 years, Harith has focused on impactful long-term infrastructure investments across Africa. It has over US$3 billion in assets under management and a focus on energy, connectivity, transportation, and logistics. A deal under which a consortium of which Harith was the majority stakeholder would have obtained a 51% stake in state-owned South African Airways (SAA) fell through in 2024 when a condition set by the South African Competition Commission could not be met. The condition requires the minority shareholders in the consortium to sell their shares to avoid a conflict of interest. This could not be achieved.

The FlySafair deal would, therefore, fulfil Harith’s ambition to include an airline in its transportation infrastructure portfolio. For Harith, FlySafair has a proven operating model, strong management team, and long-term growth prospects. A Harith-led consortium also has a stake in the privately-owned Lanseria International Airport (LIA), in Johannesburg, South Africa, which is also FlySafair’s hub.

FlySafair’s ownership structure was challenged by local competitors Airlink and LIFT as being in violation of South African aviation law, which requires 75% local control and voting rights. The aviation authorities have given FlySafair time to address the issue.

According to Gordon, Harith will buy FlySafair as a going concern and retain the current management team, keeping the brand, strategy, and routes. FlySafair was awarded the Skytrax Best Low-Cost Airline in Africa award in 2021, 2022, 2023, and 2025. Details regarding the transaction value were not disclosed and are expected to be revealed in the Competition Commission application in due course. According to Gordon, if all goes according to plan, the deal could still be finalised before the end of 2026.

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Carin Smith Journalist

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