(MENAFN) Etihad Airways announced the completion of all the formalities related to the transfer of air transport operations from Alitalia CAI to the new Alitalia SAI, with Etihad paying the capital increase of USD473.22 million for the acquisition of a 49 percent share in Alitalia SAI, Arabian Business reported.
Etihad said that the remaining 51 percent shareholding is held by Alitalia CAI through MidCo, adding that the transaction will become effective on December 31, with Alitalia SAI - Societ" Aerea Italiana expected to start operations on January 1, 2015.
The finalizing of the ownership transfer comes after both airlines signing a major codeshare agreement last month, resulting in them offering enhanced connections between Abu Dhabi and three of Italy's biggest cities next year, with combined double-daily flights to Milan and Rome, as well as a new daily service to Venice.
Under the codeshare agreement, Etihad Airways will place its 'EY' code on Alitalia's new daily service between Venice and Abu Dhabi, as well as Alitalia's upcoming daily service between Abu Dhabi and Milan, which will be launched on March, while Etihad Airways will codeshare on 15 of Alitalia's domestic routes from Rome Fiumicino Airport next year.
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