Abu Dhabi’s long-troubled Etihad Airways said Tuesday it would sell 38 aircraft to an investment firm and a leasing company in a deal valued at USD 1 billion, the latest cost-cutting measure by the United Arab Emirates’ national carrier.
Etihad said it would sell 38 aircraft — 22 Airbus A330s and 16 Boeing 777-300ERs — in the deal with investment firm KKR and leasing firm Altavair AirFinance. KKR said the Boeing 777-300ERs will “be leased back to Etihad upon purchase in early 2020,” while the Airbus A330s will go to international clients.
Etihad described the move as being in line with “the third year of its transformation program.” “The deal offers us flexibility while ensuring we stand by our sustainability targets and maintain a fleet of the most fuel-efficient, technologically advanced aircraft,” the airline said in a statement.
