German Airways group sold its 10% stake in Blue Air, the largest Romanian air carrier and the second-largest player on the local market, after Wizz Air.

The stake, acquired by the German company at the beginning of last year, has been transferred to Blue Air's majority shareholder, Romanian investor Teodor Cristian Rada, Profit.ro reported. Subsequently, he moved the shares to Airline Invest, a company established in December 2019 in which he holds 99.9% of the shares, the rest belonging to Mihai Catalin Rada.

"Blue Air confirms Zeitfracht Group's decision to withdraw from Blue Air Aviation to focus on its B2B freight and logistics business. Since the beginning of the collaboration, we have sought to identify additional synergies to expand the partnership. At the end of last year, following Zeitfracht's strategic decision to focus on ACMI [aircraft, crew, maintenance, and insurance] business and freight transport, and given the financial consolidation of Blue Air, the two companies decided to continue the partnership with separate shareholding," said Blue Air officials.

The German investor, formerly called Zeitfracht Luftfahrt, is active in logistics, shipping, and real estate, but also aviation.

editor@romania-insider.com

(Photo source: Facebook/Blue Air)