Travel Service to acquire almost all of Czech Airlines
Czech Airlines is to be taken over by rival operator Travel Service, following an agreement by Korean Air and asset-management firm Prisko to dispose of their stakes in the carrier. Travel Service, which already had a 34% share of Czech Airlines, will become the majority shareholder by increasing this stake to 97.74%. Prisko, which is a govt-linked entity, could still opt to withdraw from the agreement, which would leave Travel Service with a reduced majority of about 78%. Travel Service says the investment is in line with its long-term strategy to become a "prominent and widely-respected airline group" within the European market. No financial details of the Travel Service transaction have been disclosed. But Travel Service says the acquisition should be completed within 3 months of securing the various regulatory approvals. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-10-10/sky/travel-service-to-acquire-almost-all-of-czech-airlines
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Travel Service to acquire almost all of Czech Airlines
Czech Airlines is to be taken over by rival operator Travel Service, following an agreement by Korean Air and asset-management firm Prisko to dispose of their stakes in the carrier. Travel Service, which already had a 34% share of Czech Airlines, will become the majority shareholder by increasing this stake to 97.74%. Prisko, which is a govt-linked entity, could still opt to withdraw from the agreement, which would leave Travel Service with a reduced majority of about 78%. Travel Service says the investment is in line with its long-term strategy to become a "prominent and widely-respected airline group" within the European market. No financial details of the Travel Service transaction have been disclosed. But Travel Service says the acquisition should be completed within 3 months of securing the various regulatory approvals. <br/>
