 "Etihad buys 3 Jet slots at London's Heathrow for $70 mn")
Abu Dhabi-based Etihad Airways has bought three slots at London’s Heathrow airport belonging to Jet Airways for $70 million as per a deal signed between the two carriers.
“The purchase is part of a sale and lease back agreement signed on Tuesday, February 26, 2013. Jet Airways will continue to operate flights to London utilising these slots,” Etihad Airways said in a statement.
The move signals positive developments in the discussions and investors cheered the move after a delayed announcement of the potential deal significantly hurt Jet’s shares in recent weeks.
The Gulf carrier said that it “continues to progress discussions about further investment in Jet Airways” and the latest deal “further strengthens the existing commercial relationship, which came into effect in July 2008, making provision for codesharing between the two airlines”.
The statement by Etihad Airways could come as a breather for the cash-strapped Jet Airways as the latter has even agreed to RoFR and more management control to the foreign carrier in a desperate bid to stay afloat.
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