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Egypt Air to acquire 50% stake in CityLink
Posted on: 29-Aug-2012         Source: citifmonline.com
Citi Business News has learnt that Egypt’s national airline, Egypt Air has begun processes to acquire about 50 percent stake in domestic airline operator CityLink.

According to industry reports, Egypt Air settled on CityLink after initially assessing other options in the industry.

If the deal eventually falls through, Egypt Air will control 50 percent stake in the airline while majority shareholder, Tei Azu and other local investors will own the rest of the shares.

There are also plans that if the deal is sealed, CityLink could also begin operations on the West African corridor.

Citi Business News also understands that Egypt Air is poised to see the deal fall through as it plans to bring in new aircraft and might later consider changing CityLink’s brand name.