Etihad buys key stake in loyalty scheme
Frankfurt, December 18, 2012
Abu Dhabi-based Etihad Airways has agreed to buy a majority stake in Air Berlin's frequent flyer programme as the German airline seeks to cut costs and pay down debt.
Germany's No.2 airline after Lufthansa said on Tuesday the deal to carve out the topbonus programme will generate revenue of 184.4 million euros ($242.70 million).
The move comes a year after Abu Dhabi-based Etihad bought about 29 percent of Air Berlin and agreed to grant the loss-making German carrier up to $255 million in loans. - Reuters