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Aer Lingus sells Futura stake

AER Lingus has sold its remaining 20% stake in charter airline Futura for just over €11 million.

Futura, based in Spain, was set up by Aer Lingus in 1990 and employs about 600 people. But the former national airline sold off an 80% stake in the business to its then management for an estimated €28m in 2002.

The entire Futura business has been bought by a private equity firm Hutton Collins and Aer Lingus said yesterday that the decision to sell its remaining stake was part was of its strategy to divest of non-core activities.

The 20% holding in Futura had no carrying value on Aer Lingus’ books so the €11.3m it will receive from the deal will be a profit.

"Aer Lingus will now continue to focus on developing our core short haul and long haul networks in order to deliver sustainable profitable growth for the future," the airline’s chief executive Dermot Mannion said in a statement.

The airline’s turnaround in 2002 under former chief executive Willie Walsh saw it has sold off a number of business, including booking engine TIMAS and Aviation Services Ireland.

 

Aer Lingus sells Futura stake

AER Lingus has sold its remaining 20% stake in charter airline Futura for just over €11 million.

Futura, based in Spain, was set up by Aer Lingus in 1990 and employs about 600 people. But the former national airline sold off an 80% stake in the business to its then management for an estimated €28m in 2002.

The entire Futura business has been bought by a private equity firm Hutton Collins and Aer Lingus said yesterday that the decision to sell its remaining stake was part was of its strategy to divest of non-core activities.

The 20% holding in Futura had no carrying value on Aer Lingus’ books so the €11.3m it will receive from the deal will be a profit.

"Aer Lingus will now continue to focus on developing our core short haul and long haul networks in order to deliver sustainable profitable growth for the future," the airline’s chief executive Dermot Mannion said in a statement.

The airline’s turnaround in 2002 under former chief executive Willie Walsh saw it has sold off a number of business, including booking engine TIMAS and Aviation Services Ireland.

 

Aer Lingus sells Futura stake

AER Lingus has sold its remaining 20% stake in charter airline Futura for just over €11 million.

Futura, based in Spain, was set up by Aer Lingus in 1990 and employs about 600 people. But the former national airline sold off an 80% stake in the business to its then management for an estimated €28m in 2002.

The entire Futura business has been bought by a private equity firm Hutton Collins and Aer Lingus said yesterday that the decision to sell its remaining stake was part was of its strategy to divest of non-core activities.

The 20% holding in Futura had no carrying value on Aer Lingus’ books so the €11.3m it will receive from the deal will be a profit.

"Aer Lingus will now continue to focus on developing our core short haul and long haul networks in order to deliver sustainable profitable growth for the future," the airline’s chief executive Dermot Mannion said in a statement.

The airline’s turnaround in 2002 under former chief executive Willie Walsh saw it has sold off a number of business, including booking engine TIMAS and Aviation Services Ireland.

 

Aer Lingus sells Futura stake

AER Lingus has sold its remaining 20% stake in charter airline Futura for just over €11 million.

Futura, based in Spain, was set up by Aer Lingus in 1990 and employs about 600 people. But the former national airline sold off an 80% stake in the business to its then management for an estimated €28m in 2002.

The entire Futura business has been bought by a private equity firm Hutton Collins and Aer Lingus said yesterday that the decision to sell its remaining stake was part was of its strategy to divest of non-core activities.

The 20% holding in Futura had no carrying value on Aer Lingus’ books so the €11.3m it will receive from the deal will be a profit.

"Aer Lingus will now continue to focus on developing our core short haul and long haul networks in order to deliver sustainable profitable growth for the future," the airline’s chief executive Dermot Mannion said in a statement.

The airline’s turnaround in 2002 under former chief executive Willie Walsh saw it has sold off a number of business, including booking engine TIMAS and Aviation Services Ireland.