[Air Caraïbes] Caribbean carrier to buy French airline

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[Air Caraïbes] Caribbean carrier to buy French airline

Unread post by bimjim » Sat Feb 21, 2015

http://jansaviation.com/news.php?art=ca ... ch-airline

[Air Caraïbes] Caribbean carrier to buy French airline
Jan Fernandez
February 21 2015

The TUI Group, a European tour operator, is selling one of its airlines to another carrier. On Friday, the company announced a buyer.

Corsair, a French airline, has been making losses for several years. Since 2008, the carrier has lost $125 million. In addition to its inability to compete, the airline's business model does not fit with TUI's business model.

Groupe Dubreuil, the owner of Air Caraïbes, is buying Corsair. The two airlines began codesharing in 2013 and together carry 2.4 million passengers.

The combined Corsair-Air Caraïbes will be the second largest French airline, said Jean-Paul Dubreuil, an owner of Groupe Dubreuil.

Air Caraïbes CEO Marc Rochet says that French law makes an outright merger too difficult, so the two carriers will stay independent.

Corsair currently has a fleet of four A330s and three 747s. The 747s will be retired because they are too big, according to Dubreuil. Three A350s will be leased for the airline, in addition to the six already on order for Air Caraïbes.

Before the buyout, Corsair will be recapitalized. However, the terms of the buyout were not revealed.

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