A deal for a majority stake in South African Airways (SAA) is reportedly in sight, as the Takatso Consortium has reached an agreement with minority shareholders to acquire their shares.
- The Takatso Consortium, which is led by local airline operator Global Aviation and Harith General Partners, was selected as the preferred bidder for a 51% stake in SAA in April 2021.
- The consortium has been in talks with minority shareholders in SAA, who collectively hold a 49% stake in the airline, to acquire their shares and gain control of the company.
- The agreement with minority shareholders is a significant step forward in the process of finalizing the deal, which has been hampered by delays and complications.
- The South African government, which owns the remaining 49% stake in SAA, has pledged to provide funding for the airline’s restructuring and turnaround plan.
- The deal is expected to bring much-needed stability to SAA, which has been in financial distress for several years and was placed under business rescue in 2019.
- The Takatso Consortium has said that it plans to focus on growing SAA’s domestic and regional routes, as well as expanding its cargo operations.
- The finalization of the deal is subject to regulatory approval and other conditions, but the parties involved are reportedly optimistic about its prospects.