TUI AG’s Supervisory Board has given the green light today for further steps towards the creation of a new European airline joint venture with Abu Dhabi-based Etihad Aviation Group.
The proposal is for Etihad to acquire Airberlin’s holiday operations, mainly in southern Europe and north Africa, together with Airberlin’s participation in NIKI, to enter into a joint venture with TUI’s German airline subsidiary TUI fly.
Eithad said it was in negotiations with Airberlin.
The new airline joint venture would be based in Vienna and would serve a broad route network with TUI fly and NIKI.
It would have a fleet of around 60 aircraft providing 15 million seats a year operating from major airports in Germany, Austria and Switzerland.
TUI AG would hold a 24.8% stake in the joint venture, with Etihad holding 25% of the interests.
The remaining 50.2% would be held by NIKI Privatstiftung.
In a statement, TUI said: "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 contractual negotiations between all involved stakeholders are expected to be finalised in the next few weeks.
Details regarding the future joint venture will be jointly presented by Etihad and TUI after successful completion of the negotiations, it said.
The planned joint venture is subject to approval by the relevant antitrust and aviation authorities.
