Last week, the long-negotiated agreement for Abu Dhabi based Etihad Airlines to purchase a 49% minority stake in Italy’s beleaguered Alitalia airlines was finalized. The transaction includes several elements:
€387.5M in cash for 49% of Alitalia
€112.5M for a 75% interest in Alitalia’s frequent flyer program
€60M for 5 pairs of slots at London Heathrow airport
€300M authorized capital increase from current investors
€300M in new loans
€598M in debt restructuring of existing short-to-medium loans
In total, the package is worth €1.8 billion, or about $2.4 billion US.
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