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Luftansa gains US airline stake
Lufthansa is taking a 19% stake in US budget airline JetBlue for almost £150 million.
The deal is described as representing the first significant investment by a European airline in a US carrier.
New York-based JetBlue’s network covers 53 US cities operating more than 500 flights a day.
Lufthansa will be represented on the board of JetBlue as part of the deal.
JetBlue CEO Dave Barger said: “We welcome this significant endoresement of JetBlue’s franchise from one of the most respected leaders in global aviation.
“The agreement reaffirms our belief in JetBlue’s disciplined growth plan and will also improve ouir balance sheet and give us grater financial flexibility as we move into 2008.”
The German carrier’s chairman and CEO Wolfgang Mayrhuber said: “Our investment reflects the confidence we have in JetBlue’s quality, growth potential and management team.
“This investment presents Lufthansa with a compelling opportunity to invest in the US point-to-point carrier market as the industry continues to envolve.”
by Phil Davies
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