Due diligence for South African Airways deal mostly complete, consortium says

Due diligence on a deal for the Takatso Consortium to buy a 51% stake in state-owned South African Airways (SAA) is substantially complete and no material issues have been identified, the consortium said on Thursday. The government said it was selling a majority stake in SAA to the consortium in June as part of efforts to curb bailouts to struggling state companies that have placed a huge strain on stretched public finances. SAA said on Wednesday that it planned to restart flights next month after operations were mothballed in September 2020. It exited a form of bankruptcy protection last April. “Takatso will now move ahead with concluding a share purchase agreement for 51% of SAA with the Department of Public Enterprises,” the consortium said. “The agreement will be subject to various approvals and pre-conditions which are likely to take some time.” Takatso is a joint venture between investor group Harith and Global Aviation.<br/>