Onur Air sold in $250 mln deal

Turkish discount carrier Onur Air has been sold for $250 million after extended negotiations with Turkish businessman Kudret Tuncel and British business magnate Mehdi Shams, the Turkish press reported on Monday.
A deal completed over the weekend hands over a 70 percent share in the company to the new owners, while the remaining 30 percent stake will be transferred in two months, the Akşam daily reported. Onur Air Vice President Şahabettin Bolukçu told CNBC.com on Monday of the deal: “A good offer came. We seized on it.” Onur Air CEO Hayri İçli confirmed the deal with Tuncel and Shams after the Turkish Competition Authority (RK) approved the deal earlier in the week. Company officials didn’t comment on whether sale would lead to a shakeup in Onur Air’s management structure.
The sale of the airline, which owns a fleet of just 34 planes, comes after years of wrangling between Onur Air and various foreign and domestic carriers over a potential partnership deal. In 2008, Turkish rival discount carrier Pegasus Air nearly merged with the airline, but later cancelled talks after what Pegasus CEO Ali Sabancı at the time said were “commercial issues.”
Turkish businessman Tuncel currently owns Enes Makina, one of Turkey’s largest perfume and beauty products makers. Shams meanwhile owns the London-registered shipping firm Ocean Marine Transport as well as the investment house Eminent Capital Limited, which is also based in London. According to Onur Air’s website, the company has around 1,600 employees and flies to 80 cities in 20 countries. It operates 12 domestic routes.