in Business & Finance

Fastjet to acquire branding rights from EasyGroup

Posted 10 July 2017 · Add Comment

Fastjet plc the London-listed co-parent of Fastjet Zimbabwe and Fastjet, has announced plans to acquire the rights to the Fastjet brand from EasyGroup Holdings for USD2.5 million, reports ch-aviation.

The firm said in a statement issued last week that the two parties have already entered into an agreement which, once finalised, will result in "savings" to fastjet over the next five years. 

“Fastjet is a great brand in all its African markets, making it a highly valuable asset for the company," EasyGroup founder and CEO, Stelios Haji-Ioannou, said.

"I have accepted the view of the current board that the company should own its own brand rather than license it from me. I feel we have agreed on a fair price for its transfer - USD2.5 million – which is less than what the company would have had to pay over the next five years. I still hold shares worth about GBP1.3 million in the company and as such I will be a supportive shareholder, hoping to realize significant upside potential as Fastjet grows and prospers."

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