Air France KLM has announced the successful completion of the private placement by Air France of 7,5% of Amadeus IT Holding SA, leaving Air France with 7,72%.
The sale puts Air France KLM’s stake in line with Lufthansa and Iberia, the remaining two airline groups still involved with Amadeus. Both airlines have around 7,5% ownership in Amadeus. The current Amadeus board of directors own 0,16% of the company, with the lion’s share (70%) in so-called free float following its IPO in Spain in 2010.
This sale comes after Air France announced an ambitious plan to restore profitability. “Given the uncertain economic environment and the ongoing imbalance between transport supply and demand, over the next three years the Group will only increase capacity by a little over 5% on a cumulative basis,” says the airline.
The airline aims to cut costs, restructure its short- and medium-haul network and reduce its debt burden.
The net proceeds from the sale amount to €467 million.
Air France sells stake in Amadeus
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