Cypriot carrier Tus Airways’ newest investor will have an option to acquire the entire outstanding capital of the airline from its other shareholders.
The investor – a company owned by entrepreneurs Ami Cohen and Arnon Englander – completed a transaction giving it a 75% stake in Tus on 6 November.
This was achieved through the acquisition of 20.8% shareholdings from both Global Knafaim Leasing and US businessman Kenneth Woolley, leaving them each with a 12.5% interest.
Cyprus’s competition protection commission stated in mid-October that it had been notified of a proposed acquisition of shares by an Israeli special-purpose vehicle, called Logo Jet, which was owned by two individuals in the holiday and air transport sector.
Global Knafaim confirms the change in ownership, and says the new investor has an option to “purchase the remaining holdings” which runs until March 2028.
It adds that it was paid $2.2 million – and Woolley a similar sum – during the transaction.
Tus Airways operates a fleet of Airbus A320s on leisure routes, and also conducts wet-lease services.
