29 JULY 2019

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Article from BTNews 29 JULY 2019

CityJet in Air Nostrum merger

A proposed merger between Ireland-based CityJet and Air Nostrum of Spain has won approval from the European Commission, heralding the formation of what would be the largest pan-European regional airline group.

The EU’s anti-trust body said the deal raised no concerns as the companies “have moderate market shares, a sufficient number of competitors remains in the market and the barriers to entry are low.”

The proposed merger, which would produce an airline with a combined fleet of almost 100 aircraft and yearly revenues of around €700m, was first announced at the Farnborough Airshow in July last year.

Reports last week said the plan envisaged a joint venture with a single holding company and the two airlines retaining their individual identities. Air Nostrum is an Iberia-franchised airline for regional flights.

According to the filing for the EU, CityJet is part of the portfolio managed by Fortress Investment, based in New York. The carrier has a fleet of nearly 100 regional aircraft. Japan’s SoftBank Group acquired Fortress at the end of 2017.

Air Nostrum is part of Air Investment Valencia, a holding controlled by Carlos Bertomeu. Neither company has disclosed the name of the joint venture and respective shareholdings have not been published.

www.cityjet.com

www.airnostrum.es

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