Friday, 09 December 2016
The airline Lufthansa and Brussels Airlines have conclusively sealed the deal for the purchase of the Belgian entity SN Airholding, the umbrella structure owned by Brussels Airlines, by the German group. Completion will take place on December 15th (next Thursday) L’Echo states today (Friday) on its website. Lufthansa will ultimately shell out the amount anticipated for the purchase of 55% of the Belgian airline holding, namely 2.6 million euros.
The Germans put 65 million euros on the table in 2008.
The daily economic publication states that it has been established that Bernard Gustin will stay at the controls of the Belgian entity, as CEO, and that Etienne Davignon will remain President.
As the name of the future entity, Lufthansa is contractually bound to keep the name “Brussels Airlines” for at least two years.
The name is particularly well known in Africa and the German company has the firm intention to anchor the African hub in Europe alongside Frankfurt, L’Echo confirms.
Lufthansa has made no firm commitment as part of the deal, in terms of employment. The Walloon region and the Regional Investment Company of Wallonia (S.R.I.W) are yet to vote on the agreement.
The Brussels Times