October 22, 2008
Lufthansa AG agrees to purchase a 45 percent stake in SN Airholding, the holding company that owns Willkie client Brussels Airlines, for €65
It was recently announced that German airline Lufthansa AG has agreed to purchase a 45 percent stake in SN Airholding, the holding company that owns Willkie client Brussels Airlines, for €65 million. Pursuant to the deal, Lufthansa has the option to fully acquire all of the Belgian carrier in 2011 for a price not exceeding €250 million. The deal, which is the latest move in the consolidation of the European airline industry, is contingent upon approval of regulators, Lufthansa's Supervisory Board, and the shareholders and Board of Directors of Brussels Airlines. Brussels Airlines, created as a result of the merger of SN Brussels Airlines (SNBA) and Virgin Express, is the largest Belgian airline, with flights to over 50 destinations in 20 European countries as well as long-haul flights to East, Central and West Africa. The deal was handled by partner Xavier Dieux, assisted by national partners Didier Willermain and Jean-Quentin De Cuyper.
