Air Berlin Ownership Change

Turkish company Esas Holding, part of the Sabanci family group and parent company of Pegasus Airlines, has become the largest shareholder in German carrier Air Berlin. The Federal Germany Cartel Office has approved the acquisition of a 15.3% stake in a deal which was coordinated by Swiss bank UBS in April. Pegasus Chairman and Member of the Board of Esas Holding, Ali Sabanci has been appointed to the board of Air Berlin.
“Mergers are increasingly a way for airlines to reduce costs and expand their network on a global scale. 2009 will also be a tough year for Turkey, and we know that only the well-managed companies will survive. At Esas Holding, we have set our vision beyond Turkey and see value in investing in EU countries,” he said.