Cypriot carrier Tus Airways has announced that Israeli firm Holiday Lines Group has signed an agreement to take a significant stake in the business.
Completion of the deal will see Holiday Lines – which already owns Greek airline Bluebird Airways – joining Ken Woolley and Global Knafaim Leasing as equal shareholders in Tus Airways, according to an 11 January statement from the carrier. Woolley currently holds a controlling stake in the airline.
The agreement is pending regulatory approval, Tus notes.
“The announcement secures a bright future for Tus Airways, placing us in a unique position within a robust and formidable aviation family,” says Tus chief executive Ahmed Aly. “By welcoming Holiday Lines Group as new investors, we are gaining a strategic partner with innovative businesses that closely complement our commercial activities and with whom we share a vision for success.”
Tus further suggests that once the agreement is approved, it and Bluebird Airways “will be able to collaborate and offer customers an expanded choice, outstanding service and an enhanced network with improved connectivity across the region”.
Tus operates a small fleet of Airbus A320-family jets on services mainly within the Mediterranean region.
Holiday Lines markets holiday packages across the Mediterranean and Europe, Tus says.
In mid-November Tus said it would receive financial support through a shareholder loan from Woolley and Global Knafaim Leasing, as it adjusted to disruption caused by the Israel-Gaza conflict. The two shareholders had already jointly supplied loans to the business.
