The highly competitive Heraklion route is also flown by easyJet (flying five times weekly), Blue Panorama Airlines (four times weekly), Vueling (twice-weekly) and Meridiana (weekly). In other Alitalian news this month, the airline announced finalization of an Ethiad Airways deal worth €1.75 billion euro to reinvigorate Alitalia as a sustainable and competitive airline in the region. According to the news, recapitalized Italian national airline will ramp up a comprehensive strategic business plan to establish new long haul routes and to boost the brand. Gabriele Del Torchio, Chief Executive Officer of Alitalia, offered this on the investment news:
“This is an excellent outcome for Alitalia. We have had to take some tough decisions in a very robust negotiation process but we have achieved the consensus we require to create the right shape and size for Alitalia in the future. This investment will provide financial stability and enable us to position Alitalia, and the travel and tourism industry in Italy, for long-term growth.”
The advisors on the transaction were: Etihad Airways: JP Morgan (financial); DLAPiper and Chiomenti (legal); PricewaterhouseCoopers (due diligence) Alitalia: Citi (financial); Bonelli Erede Pappalardo (legal)