Jet Airways buys Air Sahara

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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