TUI AG Supervisory Board approves contribution of TUIfly to a new airline JV with Etihad Airways

TUI AG Supervisory Board approved (23-Nov-2016) the plan to contribute its German leisure airline subsidiary TUIfly GmbH to a JV with Etihad Airways. Etihad is in negotiations with airberlin to acquire its touristic operations primarily in Southern Europe and North Africa, and including airberlin's participation in NIKI, with the objective to contribute it to the JV. The new airline JV, headquartered in Vienna, is planned to serve a broad route network with its two airlines, TUIfly and NIKI, a total fleet of around 60 aircraft and a seat capacity of 15 million seats p/a, operating from key departure airports in Germany, Austria and Switzerland. TUI AG is to hold a stake of 24.8% in the JV, with Etihad holding 25% of the interests. The remaining 50.2% would be held by the existing private foundation NIKI Privatstiftung. The commitments made to the TUI fly employees remain in place and are currently being further negotiated and specified. This includes the commitments to the Hanover location. The planned JV is subject to approval by the relevant antitrust and aviation authorities. [more - original PR] [more - original PR German]