Comair deal to acquire two businesses mutually terminated
In an announcement on the (Johannesburg) Stock Exchange News Service on April 3, South African private sector airline group Comair announced that an agreement for it to purchase Star Air Maintenance (SAM) and Star Air Cargo (SAC) had been terminated “by mutual consent”, with effect from March 31. Comair would have acquired the companies for R75 million plus profit share payments.
Comair would have bought SAM and SAC from Sundrops Investment, Smashing Star Investments and Marcel Liebenberg. The deal would have seen Comair acquire the shares and claims of both SAM and SAC.
The original deal had been announced on May 30 last year. As a result of the agreement to terminate the deal, the original agreement for the sale and purchase of the two businesses “shall cease to have any further force or effect”.
Comair operates the British Airways in South Africa and Kulula low cost carrier brands. It operates a fleet (split between its two brands) of three Boeing 737-400 and 23 Boeing 737-800 airliners. Of this total, 13 Boeing 737-800s are leased, with the rest of the fleet being owned by Comair (which also owns one 737 MAX 8, which cannot be operated because of the current global grounding of the type).
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