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Air Berlin sells unit to Etihad, bringing cash for restructuring

Published 05/12/2016, 10:54
Updated 05/12/2016, 11:00
© Reuters. German carrier Air Berlin's aircraft is pictured at Tegel airport in Berlin
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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.

© Reuters. German carrier Air Berlin's aircraft is pictured at Tegel airport in Berlin

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).

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