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Etihad buys Jet Airways’ Heathrow slots for $ 70 million

Abu Dhabi. UAE’s Etihad Airways has acquired three pairs of Heathrow slots for US$70 million from India’s Jet Airways.

The Abu Dhabi-based Etihad said in a statement here Feb 27 that the purchase is part of a sale and lease back agreement signed Feb 26, and that Jet Airways will continue to operate flights to London utilising these slots.

Etihad has been in talks with the Indian carrier for some time to buy a stake in it, and the statement indicated that discussions were on in this regard. Etihad Airways said it continues with discussions about further investment in Jet Airways.

Etihad and Jet had signed a code sharing commercial arrangement in July 2008, and the deal “further strengthens the existing commercial relationship.”

Notably, India relaxed foreign investment rules in September 2012 for foreign airlines to acquire up to 49 percent stake in Indian carriers. Etihad is reportedly looking at a 24 percent stake in Jet.

(Emirates News Agency, WAM)

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