The most anticipated deal in the aviation industry is finally over when Jet Airways announced an all cash deal to buyout its rival Sahara Airlines for Rs. 2,300 crores ($500m).
The Jet-Sahara statement
Jet Airways India Ltd and Sahara Airlines Ltd are pleased to announce the execution of a share purchase agreement for acquisition by Jet AI of the entire capital of the Sahara Airlines Ltd subject to regulatory approvals.
The deal, which was jointly executed on January 18, is subject to confidentiality.
The following are, however, certain principle aspects of the deal:
a. The agreement has been executed for an all inclusive enterprise value of around $500 million for SAL.
b. The transaction is for an all-cash consideration.
c. Pending confirmation of regulatory approvals, both the airlines will continue to operate independently.
d. Sahara India confirms that workers shall not lose their jobs and cadres and gross emoluments will be unaffected. Upon closure of the transaction, based on requirements and performance, Jet Airways shall absorb suitable employees.
Comments
Post a Comment