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Jet Airways India
and Sahara Airlines have executed a share purchase agreement for acquisition by Jet Airways India
of the entire capital of Sahara Airlines subject to regulatory approvals.
The deal was jointly executed
yesterday, 18 January 2006.
The agreement
has been executed for an all inclusive Enterprise Value of around $500 million for Sahara Airlines Ltd.
The transaction is for an all cash consideration.
Pending confirmation of regulatory approvals, both the
airlines will continue to operate independently. Sahara India has also
confirmed that workers shall not lose their jobs and cadres and gross emoluments will be unaffected. Upon closure of the
transaction however and based on requirements and performance, Jet Airways shall absorb
select employees.
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