Manufacturing Industry
SN Brussels and Virgin Express sign merger agreement
Airline Industry Information, Oct 6, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Belgian carriers SN Brussels Airlines and Virgin Express Holdings have announced that they have signed a letter of agreement to form a single airline operating out of Brussels.
The deal, which will operate much like the KLM-Air France alliance, will see the two airlines form a joint holding company in which SN Brussels will hold a majority 70.1% stake and Virgin Express the remaining 29.9%. The deal is expected to be completed by the end of the first quarter 2005.
A spokesperson for SN Brussels said that the new deal will limit the excess capacity on routes and help develop Brussels airport by giving the airlines more purchasing power due to cost savings, reports The Associated Press.
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