“The acquisition of 1time would be a complementary strategic fit for Fastjet’s growth into a pan-African low-cost carrier, and the synergies with Fastjet would potentially increase the number of available route networks from South Africa into the rest of Africa,” Winter says.
Fastjet intends to retain many of 1time’s staff.
Financial aspects of the deal include a nominal fee to purchase the South African carrier, although Fastjet also will have to reach a settlement with 1time’s creditors.