Second attempt to sell Corsair sees two investors
The management board of Corsair International, the French TUI subsidiary, revealed two recovery projects on May, 4, 2018, reports La Tribune. One comes from Europe, the other one from China.
Corsair is on sale since November 2017, when TUI Group reportedly mandated Rothschild bank to find a potential buyer for the company.
Now, the first recovery offer comes from the Chinese investor that is currently a shareholder of Loong Airlines. However, as it is not a European investor, it would not be able to hold more than 49.9% of the capital and would then need to find a European partner to allow TUI Group to completely divest.
The second investor showing interest in Corsair is the German group Intro Aviation, which previously had shares in LTU International Airlines and Deutsche BA. Both companies were eventually oth sold to Air Berlin. Intro Aviation also had shares in CityJet and VLM Airlines, acquired from Air France.
Corsair International is a French subsidiary of the Anglo-German tourism giant TUI Group. It currently operates seven aircraft: two Airbus A330-200, two Airbus A330-300 and three Boeing B747-400 that should be taken out of the fleet by 2021. Its main routes are towards the Caribbean, West Africa and Indian Ocean islands.
This is the second attempt to sell Corsair. The first try happened in 2015. Back then, the Dubreuil group, already owner of Air Caraïbes at the time, showed interest for this acquisition. However, in March 2015, following social tensions among Corsair, Dubreuil and TUI, negotiations were dropped. Six months later, Corsair CEO and TUI France president Pascal de Izaguirre announced that “Corsair [was] not on sale anymore”. Shortly after, in 2016, Dubreuil created French Blue who later became French Bee.