50 SKY SHADES - World aviation news

Qatar Airways to formalize Vnukovo airport stake purchase after due diligence

Download: Printable PDF Date: 22 Jul 2018 04:51 category:
Publisher:
Qatar Airways to formalize Vnukovo airport stake purchase after due diligence - Airports / Routes publisher
Krista Kuznecova
Country: Russian Federation Aircraft: Airplanes
Source: Ruaviation

Qatar Airways will initiate the process of formalizing the acquisition of a 25% stake in Moscow’s Vnukovo Airport once it wraps up due diligence, Chief Executive Officer of the airline Akbar Al Baker told reporters on Tuesday. The memorandum of understanding for the acquisition of the stake is set to be signed after due diligence is completed, the top manager said.

"No, we haven’t signed the memorandum of understanding because we are still in the process of due diligence. Once the due diligence is completed, we will then sign the MOU and then begin the purchasing process," Al Baker said.

E&Y is handling the due diligence on Vnukovo’s assets for the Qatari air carrier, the top manager said. Qatar Airways will send the documents required for the completion of the deal to the Russian antimonopoly regulator after the procedure to evaluate the airport assets, Al Baker said.

"It is taking longer than we thought… but our interest is still there," he noted.

The airline wants to start flying from Vnukovo but everything will depend on arrangements for code sharing flights in Domodedovo Airport, Al Baker said.

The deal is expected to be closed "hopefully soon," he added.

It was reported earlier that Qatar Airways signed the memorandum to purchase a 25% stake in Vnukovo Airport with owners of the Russian airport. The transaction price is not being disclosed. If the deal transpires, this will be the first Moscow airport with Qatari participation.

Vnukovo is Moscow’s third largest airport in terms of passenger flow. The airport showed the 30% increase in the traffic to 18.1 mln passengers in 2017.



Loading comments for Qatar Airways to formalize Vnukovo airport stake purchase after due diligence...


Recommended

Leading the recovery in air travel in South Korea - Korean Air A220 fleet and Pratt & Whitney GTF engine

At Korean Air, the Airbus A220 aircraft and its Pratt & Whitney GTF engines are leading the recovery in air travel in South Korea, thanks to greater capacity and lower operatin...

The first step toward future UAM operations - EHang 216 Korean Flight Tour

EHang technology platform company announced that its two-seater passenger-grade AAV, EHang 216 has completed its maiden flights in three Korean locations - Seoul, Daegu, and Jeju Island. This flight t...

New record set with HondaJet Elite

Who did it? Here is the answer - Jet It owner and Red Jet Squadron pilot Jon Halpern, from New York City, along with co-pilot and Jet It CEO, former US Air Force F-15C fighter pilot,&nb...

Russian Helicopters delivers first Ansat to a European client

The first Ansat helicopter was delivered by Russian Helicopters to a European client .The operator of the rotorcraft, which is equipped for medical operations, is the Ministry of Interi...