TUI approves joint venture with Etihad

Airberlin, NIKI and TUIfly are parts of the plan
TUI Group’s supervisory board has given the green light to create a new European airline joint venture with Etihad Aviation Group.
TUI approved that it would “contribute” its German leisure airline subsidiary TUIfly to the joint venture.
On its side, Etihad is in negotiations with airberlin to buy its tourism operations, primarily in southern Europe and North Africa, including airberlin’s low-cost subsidiary NIKI, with the objective of contributing that to the joint venture.
The venture, to be headquartered in Vienna, would 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 per year, operating from key departure airports in Germany, Austria and Switzerland.
TUI Group is to hold a stake of 24.8% in the joint venture, with Etihad holding 25%. The remaining 50.2% would be held by the existing private foundation NIKI Privatstiftung. The planned joint venture is subject to approval by antitrust and aviation authorities.
TTG Nordic