Turkey's Pegasus to acquire stakes in İzAir from Air Berlin

Pegasus Airlines has reached an agreement to buy Air Berlin's 29.51 percent of stake in their subsidiary İzAir for 1.2 million euros, the carrier said in a written statement late on March 8. 

The share of the company in İzAir will increase to 98.63 percent after the deal is finalized and approved by authorities, according to the statement to the Public Disclosure Platform (KAP). 

The transaction is subject to the completion of filings with and the approvals to be obtained from the General Directorate of Turkish Civil Aviation and the competent competition authorities, said the company.

The share transfer envisages the termination of the agreements between Pegasus and Air Berlin in respect of their shareholding in İzAir and the "Air Berlin Turkey Project," it added. 

İzAir was established by a number of businesspeople in the Aegean province of İzmir in 2005. Pegasus and İzAir clinched a partnership deal in June 2006, and the İzmir-based company started flights for Pegasus. In 2007, Esas Holding, the parent company of Pegasus, acquired a 20 percent of stake in İzAir.

In 2010, Pegasus bought 72.57 percent of stake in the company. 

Air Berlin inked a partnership deal with Pegasus for İzAir stakes in 2012.