Air Berlin Sells Austrian Carrier Niki to Etihad

Air Berlin announced the sale of its stake in Niki, an Austrian carrier, on Monday.

The deal is part of the airline’s restructuring as it continues to bleed red ink and will bring Air Berlin a cash influx of €300 million ($322 million) with a resultant positive impact on its financial results.

Air Berlin indirectly owned 49.8% of Niki and Etihad acquired a 29% stake in the Austrian carrier in 2012.

The Berlin-based carrier also announced that Niki would take over its tourist routes including such destinations as the Canary Islands, North Africa, and Turkey starting in the summer of 2017.

Etihad plans to use Niki as the basis of a new leisure airline it is creating in partnership with tour operator TUI. Etihad will not have a majority stake in Niki nor any control over the airline.

(Photo: Accura Media Group)