29 September 2004
BRUSSELS – Low-cost airline Virgin Express is to team up with SN Brussels Airlines on 5 October, it was announced on Wednesday.
The pair had announced their intention to merge in a letter back in March, but have now agreed share terms.
Under the deal, due to be approved by the companies’ boards and signed on the 5th, the two airlines will be run together by SN Airholding II.
SN Airholding, the majority shareholder of SN Brussels Airlines, will hold 100 percent of Virgin Express’ shares and almost 92 percent of SN Brussels Airlines.
In exchange, Virgin Express Holding will be given almost a third (29.9 percent) of SN Airholding’s shares.
[Copyright Expatica 2004]
Subject: Belgian news