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Newly-Developed Partnership Based In Gibraltar

Greek-based company joins forces with Longstock, Portugal to take over SkyEurope Airlines

eTN Staff Writer  Dec 12, 2008

SAPO International SA, based in Athens-Greece and represented by its chairman Mr. Georges Samaha, and Longstock Financial Group, based in Lisbon-Portugal and represented by its president Mr. Vitor Costa, announced today their newly-developed partnership forming Longstock SAPO, Ltd. based in Gibraltar. The new company intends to acquire a controlling interest in SkyEurope Holding AG based in Vienna subject to regulatory approval.

Due to the current financial situation of SkyEurope, Longstock Sapo plans to inject fresh capital in the company. Longstock SAPO does not intent to launch a mandatory takeover bid for SkyEurope but to apply for the restructuring privilege under the Austrian Takeover Act.

SkyEurope is one of Europe’s low-cost, low-fare passenger airlines (LCCs), with a focus on services to and from central and eastern Europe. From its bases in Bratislava, Prague, Vienna, and Kosice, it offers convenient, short-haul, “point-to point” scheduled services to 41 cities in 19 European countries. SkyEurope operates the most modern fleet in Europe, consisting of 15 brand new 149-seat Boeing 737-700 (Next Generation) aircraft.

It was recently awarded by Skytrax Research of London, which is primarily specialized in measuring the airlines' services quality, as the best low-cost airline in Eastern Europe. The results of the survey for 2007/2008 represent the opinion of more than 90 nationalities world-wide. According to the survey, SkyEurope was also ranked the third-best, low-cost airline in the whole of Europe.

Greek-based company joins forces with Longstock, Portugal to take over SkyEurope Airlines
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