Air Berlin PLC

euro adhoc: Air Berlin PLC
Mergers - Acquisitions - Takeovers
Air Berlin agreed to acquire 100 % of LTU New code share partner Condor will replace TUIfly

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Acquisition

27.03.2007

London, 27 March. Air Berlin Plc announces the acquisition of 100 % of LTU. On 26 March 2007, the agreement relating to acquisition of the participation in LTU was notarised. The purchase price for the 100% participation in LTU is EUR 140 million; by this acquisition, Air Berlin assumes between EUR 190 and 200 million of net financial debt of LTU. The agreement is subject to the approval of the German Federal Cartel Office. The acquisition will be financed in the near future through the issuance of new shares and convertible bonds in an expected total amount of  approximately EUR 250 million. The issue of shares will be for up to 10 % of the existing share capital, the larger portion of the financing will be in the form of convertible bonds. In addition to funding part of the purchase price, the proceeds from this financing will be used for the refinancing of approximately EUR 100 million of LTU’s debt and approximately EUR 50 million of Air Berlin’s debt. The combination of Air Berlin's and LTU's business is expected to produce annual synergies of EUR 70-100 million. LTU will remain a legally independent company within the Air Berlin group, with its own management. The LTU name will also be retained in the foreseeable future. However, there will be a seamless integration of LTU’s routes into Air Berlin’s network in the European market. Through this acquisition, Air Berlin is continuing its growth strategy. Air Berlin also changes its code share partner with the beginning of the summer flight plan 2007/2008; Condor will replace TUIfly. In addition, Air Berlin intends to acquire a 49 percent stake in the Swiss airline company, Belair Airlines AG. Belair is a subsidiary of the Hotelplan Group which, in turn, is fully-owned by the Migros Group. Belair currently operates a fleet of three airplanes.

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ots Originaltext: Air Berlin PLC & Co Luftverkehrs KG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Ingolf Hegner
Head of Investor Relations
+49 (0)30 3434 1532
ihegner@airberlin.com

Branche: Air Transport
ISIN:      GB00B128C026
WKN:        AB1000
Index:    Classic All Share, Prime All Share, SDAX
Börsen:  Frankfurter Wertpapierbörse / official dealing/prime standard
              Börse Berlin-Bremen / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bayerische Börse / free trade



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