Thursday, September 29, 2022 UTC
Recognized by industry leaders for extensive coverage on African Asset Management
News > Private Equity > Deals

Takatso Consortium to own 51% of SAA

Staff writer
June 15, 2021, 1:35 p.m.
565

Word count: 358

The Takatso Consortium, which comprises Harith General Partners and local aviation group, Global Aviation, has been selected as the Preferred Strategic Equity Partner (SEP) for South African Airways (SAA).

Choose ONE Magazine and TWO Articles for FREE when you register an account
Share:

The Takatso Consortium, which comprises Harith General Partners and local aviation group, Global Aviation, has been selected as the Preferred Strategic Equity Partner (SEP) for South African Airways (SAA).

The partnership between the Consortium and the South African Government aims to build an iconic national brand and a sustainable, world-class pan African airline.

The Takatso Consortium will own 51% of the airline and the Department of Public Enterprises 49%.

Tshepo Mahloele, Harith co-founder and Consortium Chair, said the Consortium has the experience, expertise, and capital to transform SAA into a substantial operating business in its own right.

“The partnership represents a robust, exciting South African-bred solution. Harith, as owners of Lanseria International Airport, has significant experience in the transport infrastructure and aviation sectors. We have deployed more than a billion dollars into a portfolio of critical infrastructure assets across the African continent that support regional economies.”

“Global’s operating model is unique, highly efficient and fit for purpose for a newly launched airline. The Consortium has empowerment at its heart and a unique blend of skills and experience,” he said.

Takatso CEO, former Comair Co-CEO and recently co-founder of Global’s airline LIFT, Gidon Novick said he was confident that SAA could be built into an efficient, customer obsessed and innovative airline that serves as a catalyst for growth in the South African economy, particularly tourism.

“COVID has created a unique set of circumstances for the industry. There are incredible skills and talent available right here in South Africa as well as an abundance of low-priced aircraft available globally - both critical ingredients for a successful airline, Transformation will be core to SAA, including accelerated training and promotion of qualified black pilots and a broad- based employee incentive scheme,” he said.

The intention is to list the airline in the future as one way of addressing future funding requirements and to enable all South Africans to take part in its success.

A due diligence exercise will now get under way.

Once completed, further details will be outlined on key issues such as the route network rollout, fleet selection, leadership team, transformation, brand relaunch, technology, SAA’s subsidiaries, global partnerships and Voyager.

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration