fastjet a step closer to buying bankrupt South African low-cost airline 1time.

By bne IntelliNews December 21, 2012
fastjet, the first pan-African low cost carrier, said it has signed an option agreement to buy South Africas embattled budget air carrier 1time Airline from its parent company, 1time Holdings Limited, for ZAR 1 (EUR 0.09). The purchase of 1time, which went into provisional liquidation last month, is subject to regulatory and shareholder approvals. If the deal goes through, fastjet will gain the right to operate domestic and regional air services in South Africa. It plans to take over up to three of 1times 12 aircraft and to start with servicing all domestic routes between the cities of Johannesburg, Cape Town, Durban, Port Elizabeth and East London. fastjet's CEO Ed Winter said he hopes that 1time will be flying again in early 2013. AIM-listed fastjet, which launched its first flight on November 29, is 67.4%-owned by Africa-focused investment firm Lonrho. fastjet utilises the route network and existing platforms of Lonrho Aviation, which operated under the name fly540 and had strategic hubs in Kenya, Tanzania, Ghana and Angola, providing a wide route network and operating platform across Africa. The acquisition of 1time will back fastjet's further growth and the synergies with fastjet's existing operations will potentially increase the number of available route networks from South Africa into the rest of Africa.

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