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15/06/2001
GO FLIES AWAY FROM PARENT COMPANY BA
BRITISH Airways has announced the sale of its no-frills subsidiary Go Fly to 3i, a European venture capital company, in a deal worth up to £110 million.
The sale of Go was set up three years ago with a £25 million investment from BA. The airline decided last year to sell Go as part of a wider move to restore profits at its loss making European operations.
Go started flying in May 1998 and is based at London’s Stanstead airport, and has recently launched a new service in Northern Ireland flying from Belfast to Bristol.
On completion of the deal, British Airways will receive a cash consideration of £80 million, as well as £20 million of vendor loan notes and a potential deferred payment of £10 million in the event of a subsequent sale of Go within five years.
British Airway’s chief executive Rod Eddington said: “This deal represents an excellent return on our initial £25 million investment in the airline three years ago. Go is an excellent airline with a fine management and workforce. As a no-frills operator, however, it simply does not fit with our full-service strategy.”
Barbara Cassani, who is Go’s chief executive, said: “Over the three years we have built a strong business with low prices and great service. I am delighted that the people who have made Go such a success will now co-own the airline.” (AMcE)
The sale of Go was set up three years ago with a £25 million investment from BA. The airline decided last year to sell Go as part of a wider move to restore profits at its loss making European operations.
Go started flying in May 1998 and is based at London’s Stanstead airport, and has recently launched a new service in Northern Ireland flying from Belfast to Bristol.
On completion of the deal, British Airways will receive a cash consideration of £80 million, as well as £20 million of vendor loan notes and a potential deferred payment of £10 million in the event of a subsequent sale of Go within five years.
British Airway’s chief executive Rod Eddington said: “This deal represents an excellent return on our initial £25 million investment in the airline three years ago. Go is an excellent airline with a fine management and workforce. As a no-frills operator, however, it simply does not fit with our full-service strategy.”
Barbara Cassani, who is Go’s chief executive, said: “Over the three years we have built a strong business with low prices and great service. I am delighted that the people who have made Go such a success will now co-own the airline.” (AMcE)
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