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Russian billionaire makes play for Sky Express

28-Jul-2010 11:15 AM

Sky Express is in talks with Russian billionaire, Oleg Deripaska, regarding the acquisition of the Russian LCC by his investment vehicle, Basic Element (Bloomberg/RIA Novosti, 27-Jul-2010). An agreement may be completed within a month. Under Mr Deripaska's potential ownership, Sky Express would add services to the South Krasnodar region, where he owns four airports – Krasnodar, Sochi, Gelendzhik and Anapa – and a local carrier - Kuban. Sky Express has not disclosed its ownership structure since 2009, when it was controlled by Vitaly Vantsev, a shareholder in Vnukovo Airport. Mr Deripaska is seeking to develop air travel in his native Krasnodar, located between the Black and Caspian seas. Meanwhile, it has been reported that Rosaviatsia plans to withdraw Sky Express' licence due to a large number of delayed flights (Kommersant, 27-Jul-2010).