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MONEY

EasyJet agrees €40m deal with insolvent Air Berlin

EasyJet has confirmed a €40m (£35m) deal with Air Berlin to buy part of the insolvent German airline’s operations, in a move that will secure 1,000 jobs.

EasyJet will buy some of the company’s assets at Berlin Tegel Airport, including landing slots as well as leases for up to 25 A320 aircraft.

The UK airline said it plans to take on 1,000 German pilots and cabin crew.

Air Berlin has already agreed to sell its Austrian airline Niki to Lufthansa as well as its regional carrier LGW.

The indebted Air Berlin filed for insolvency in August after its main shareholder Etihad declared it would not be providing further financial support.

A loan from the German government has enabled the airline to continue operating despite the insolvency.

EasyJet said that it will operate a reduced timetable at Tegel airport during the winter season but is planning for a full schedule for summer 2018.

It said that it “looks forward to building on the strong, customer focussed platform it already has in Berlin to fly more passengers, employ more people and support more economic growth” in Germany.

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EasyJet’s share price rose by 1.32% to £12.89.

Read more at bbc.co.uk

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