Enter Air, Poland’s largest private airline, has entered into an investment agreement with Albex Aviation and its Shareholders, to acquire a 49% equity stake in the Germania Flug airline. The value of this agreement, which will give Enter Air extensive access to the Swiss tourist market, is USD 2 million.
“Entering the German-language markets has been one of our targets”, says Grzegorz Polaniecki, management board member of Enter Air. “That is why we were looking for the right entity with an air operator certificate, contracts with travel agencies, airport slots and a professional management team. This Swiss company will provide us with this and will offer us access to the lucrative Swiss tourist flight market and better access to other German-language markets where we do not yet have a full-blown presence. By leveraging our tried and tested, low-cost business model and the relationships the Managers of Germania Flug have already cultivated with the leading tour operators in Switzerland, we will be able to ramp up the acquired company’s scale of business significantly. We are also counting on cost synergies related to expanding the scale of our business on the markets where both airlines both currently have a presence”, he adds.
The acquisition of an equity stake in this Swiss carrier will be made using the company’s own funds and the Investment Agreement contains a call option allowing Enter Air to increase its equity stake in Germania Flug up to 80%.
Germania Flug is a company organized under the laws of Switzerland operating under AOC issued by the Swiss regulatory authority, i.e. the Federal Office of Civil Aviation. For five years it has offered regular scheduled and charter flights with its fleet of three Airbus A319 aircraft and currently it is fully independent of the Germania Group in Germany. The team at Germania Flug numbers more than 100 staff members including its flight crews. It operates on European markets and caters to popular holiday destinations in Africa and the Middle East.