BERLIN (Reuters) - Air Berlin (DE:AB1) will sell its Austria-based Niki unit to major shareholder Etihad, bringing 300 million euros (251 million pound) in cash for the troubled German airline as it carries out a wide-ranging restructuring.
"The transaction when concluded will have a positive effect on the financial results of Air Berlin," the German carrier said in a statement on Monday.
Abu Dhabi-based Etihad may not control a European Union carrier under foreign ownership restrictions but will instead place Niki in a new leisure airline together with tour operator TUI (L:TUIT).