Sir Stelios and Rubicon explore low-cost airline for Africa
easyGroup, controlled by EasyJet founder Sir Stelios Haji-Ioannou, has tied up with Rubicon, an investment firm, to explore the possibility of launching a low-cost, no-frills airline for Africa.
Rubicon said in a statement : "easyGroup will become a shareholder in Rubicon and will use the services of Stelios and easyGroup's experienced aviation management team to provide general strategic, management and branding advice on the feasibility of implementing a low cost, point-to-point, no frills, all jet aircraft business model for Africa.
Under the proposed agreement, easyGroup would take a 5pc stake in Rubicon, with an option to increase its stake by a further 10pc.
easyGroup will also earn a royalty fee for 10 years in relation to the use of the fastjet.com brand. Sir Stelios announced plans to launch a new carrier called fastjet in September.
The plan is to hire a team of five aviation executives, selected and led by Sir Stelios.
The proposed new airline still have to be voted on at Rubicon's annual meeting on December 13.
