South African airline Comair has completed the purchase of leasing and cargo specialist Star Air, in a deal said to be worth ZAR75 million ($5.1 million), plus profit share payments up to a maximum of ZAR250 million.
Comair, a part of British Airways, has said in a statement that it acquired the assets "to extend its diversification strategy into the leasing of aircraft, while also providing Comair with the expertise and systems to establish a base for heavy maintenance checks on its fleet of [Boeing] 737-800 aircraft.”
South African Star Air SAC will focus on leasing short-to-medium term leases to African airlines, while also providing aircraft maintenance requirements for its own fleet as well as for third-party aircraft.
The deal is scheduled to be finalised July 1.
In other news, the Comair board has announced that aviation sector veterans Glenn Orsmond and Wrenelle Stander will take over as joint CEOs from 31 July.
Stander will serve as joint CEO: airlines, while Orsmond will serve as joint CEO: non-airline business and financial services.
The announcement follows Erik Venter’s resignation last week. He leaves the company at the end of July.
Stander is currently executive director of Comair’s airline division. Meanwhile, Orsmond, a chartered accountant, was Comair’s financial director for eight years from 1995 to 2003.
