British Airways have decided to keep the full ownership of its subsidiary airline OpenSkies.
According to the details, the airline was approached by many European investors and private U.S. firm who were showing interest to invest in the value-oriented airline of British Airways but after reviewing all the bids BA have decided to keep the ownership and not to allow any third party investment in OpenSkies.
Dale Moss, head of the Paris-based unit of OpenSkies revealed the news in an interview. Moss said that the company is seeing good business in value-oriented airline and after reviewing all the bids proposed by different investors, British Airways have decided to rule out the sales of OpenSkies. Moss said that there is a growing interest in value-oriented airline companies and there is good business in the market. No financial details of the proposals, made by third party investors, were revealed. British Airways received advisory service from Reynolds Partners Ltd. Reynolds Partners Ltd. is a small London-based investment bank.
The assessment of investment possibilities in OpenSkies was part of British Airways review program. BA is reviewing its entire business opportunities.
OpenSkies is a subsidiary airline of British Airline which started its services in June 2008. The service was started by British Airways to get benefit from U.S. and EU ‘Open Skies’ program. The ‘Open Skies’ regulation allows EU flight carriers to fly from any of EU country from the bloc of its 27 countries to enter into U.S. aerial territory. Before the approval of this regulation, a European flight carrier could fly from its home country only.
British Airways’ OpenSkies operates flights between Paris and New York for business-class and premium-economy passengers only. It operates four Boeing 757 which carries 70 passengers in each flight. British Airways added flights between New York and Amsterdam in October 2008 but canceled the service this year because of global recession.
Comments