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Etihad buys 29 percent stake in Air Berlin

Tuesday - Dec 20, 2011, 11:50am (GMT+5.5)

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Abu Dhabi - UAE's national carrier Etihad Airways has bought a 29.21 percent stake in Air Berlin, it was announced Monday.

The deal will bring the total number of Etihad destinations to 269, either directly or with partner airlines. Etihad is now the biggest shareholder of Air Berlin, Germany's second-largest airline.

"This new partnership expands our network reach, gives us access to 33 million new passengers, and provides us with a real opportunity for global growth," Etihad CEO James Hogan said.

"The strategic partnership with Etihad Airways opens up enormous opportunities for the future of our company," Air Berlin's CEO Hartmut Mehdorn said.

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