Orrick’s Paris team advised Air Austral – a Reunion airline company whose turnover reached €368.45 million for the 2016/2017 period for 1.1 million passengers with a fleet of eight airplanes – as part of a strategic partnership with Air Madagascar, in acquiring a 49% interest in Air Madagascar. Air Madagascar carried 467,000 passengers in 2016 through a fleet of 10 airplanes. The company includes 900 employees. The Madagascan State remains the majority shareholder with a 51% interest.
The goal of this partnership is to support the turnaround of the Madagascan company to ensure profitability and sustainability. The 10-year transformation plan includes a growth phase – including opening new airlines and expanding its fleet – along with improving services, strengthening processes, developing technological systems and growing new commercial partnerships to target strategic markets.
Our team included Saam Golshani, Anna Leitchenko and Soleine Gautier on corporate aspects; Anne-Sophie Kerfant and Rudy Marouani on tax aspects; Patrick Hubert and Marie-Laure Combet on antitrust aspects; Emmanuel Benard and Chek-Lhy Luu on employment law aspects; and Hervé Touraine and Laure Seror on financing aspects.