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fastjet in negotiations to purchase 1time

5-Dec-2012 2:34 PM

fastjet announced (04-Dec-2012) it is in negotiations to purchase 1time from its parent company 1time Holdings. fastjet is negotiating with 1time's management, directors and provisional liquidator and the outcome is subject to board, parent company and regulatory approval. fastjet CEO Ed Winter said, "If this transaction goes ahead...we would hope to get 1time flying again in time for the Christmas holiday period. Flights would initially be operated by a number of aircraft from the 1time fleet...but restructuring plans would see a rapid re-fleeting with modern Airbus A319 aircraft. The acquisition of 1time would be a complementary strategic fit for fastjet's growth into a pan African low cost carrier and the synergies with fastjet would potentially increase the number of available route networks from South Africa into the rest of Africa." [more - original PR]