fastjet to acquire branding rights from easyGroup for $2.5mn

FastJet A319-100

Fastjet plc, the London-listed co-parent of Fastjet Zimbabwe and Fastjet, has announced plans to acquire the rights to the fastjet brand from easyGroup Holdings for USD2.5 million. The firm said in a statement issued last week that the two parties have already entered into an agreement which, once finalized, will result in "savings" to fastjet over the next five years.

“fastjet is a great brand in all its African markets, making it a highly valuable asset for the company," easyGroup founder and CEO, Stelios Haji-Ioannou, said. "I have accepted the view of the current board that the company should own its own brand rather than license it from me. I feel we have agreed on a fair price for its transfer - USD2.5 million – which is less than what the company would have had to pay over the next five years. I still hold shares worth about GBP1.3 million in the company and as such I will be a supportive shareholder, hoping to realize significant upside potential as fastjet grows and prospers."

Aside from its Tanzanian and Zimbabwean operations, fastjet says it is "in the process of evaluating expansion options to further geographies" with related announcements to be made in due course. It is recalled that as part of its equity-disposal agreement with Solenta Aviation (SET, Lanseria) signed earlier this year, fastjet is able to deploy Solenta aircraft on any one of Solenta's AOCs on the African continent under the fastjet brand in exchange for a cost contribution/revenue share, depending on use. Solenta currently has AOCs in several African states including: South Africa, Solenta Aviation Côte d'Ivoire, Solenta Aviation Gabon, Solenta Aviation Ghana, Solenta Aviation Kenya, and Solenta Aviation Mozambique.

Source:https://www.ch-aviation.com/portal/news/57384-fastjet-to-acquire-branding-rights-from-easygroup-for-25mn

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