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Jet Airways close to selling a 24% stake to Etihad Airways: report

26-Nov-2012 10:42 AM

Jet Airways is reportedly close to selling a 24% stake to Etihad Airways in a potential INR2.2 billion (USD400 million) agreement, according to a report from The deal would give Jet Airways a post-money valuation of around USD1.7 billion, more than twice its current market cap. Jet Airways, as quoted by Live Mint, stated, “We do not have adequate information at this stage to comment on this issue”. Meanwhile, Etihad Airways stated: “Etihad Airways has identified equity investments in other airlines as an important evolution of our successful partnership strategy. Equity investment strengthens our relationships and allows us to work together with partners to identify revenue generation and cost management opportunities. It is our policy not to comment on such speculation. If or when we do make further investments of this sort, we will announce them in line with regulatory and commercial requirements".