Etihad confirmed selling 38 wide-body aircraft ( 22 Airbus A330s and 16 Boeing 777-300ERs) to an investment firm and a leasing company in a deal valued at $1 billion (Dh3.67 billion)
Etihad Aviation Group has signed a definitive agreement with KKR, a global investment firm, and Altavair AirFinance (“Altavair”), a commercial aviation finance company, on this sales/acquisition agreement.
The aircraft listed for sale include 16 Boeing 777-300ERs, 16 A330-200s and six A330-300s.
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.
National carrier of United Arab Emirates, Etihad, has been struggling financially for the past three years and has been undergoing many restructuring plans to cut cost and increase revenue.
The airline reported losses mounting more than $5 billion in the past three years, mainly by investing heavily on many unprofitable airlines including airberlin, Alitalia, Air Serbia, and Air Seychelles.
At the beginning of 2019, Etihad had over 150 new planes on order, but later it revised the order to take delivery only 26 A321neos, five A350-1000s, six 777-9s, and four 787s.