(MENAFN) Etihad Airways said that it plans to purchase 49 percent stake in the Italy-based Alitalia to expand its business in foreign investments to one of Europe"s most recognizable aviation brands, according to Arab News.
Etihad, owned by the government of Abu Dhabi, has been expanding both by building its own route network and through a number of investments in airlines from Europe to Australia.
Etihad said it and Alitalia "have agreed the principal terms and conditions of a proposed transaction" for the near-half stake in the Italian flag carrier following months of negotiation.
Etihad added: "The airlines will now move to finalize the transactional documents, that will include the agreed upon conditions, as soon as possible."
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