Home » Gidon Novick-linked Global Airway acquires controlling stake in debt-ridden South Africa Airways

Gidon Novick-linked Global Airway acquires controlling stake in debt-ridden South Africa Airways

by Editorial Team

Gidon Novick-linked Global Airways and the private equity firm Harith General Partners will acquire a 51-percent stake in South African Airways, Bloomberg reported. 

South African Public Enterprises Minister Pravin Gordhan has long rooted for privatizing the debt-ridden national carrier amid other voices calling for its liquidation. 

The move leaves the government with a minority stake in the grounded national carrier, which has gulped up huge funds from the nation’s coffers. 

Nonetheless, the government will retain special voting rights to ensure the airline remains in the country, among other national priorities, Gordhan said.

The report cited top officials in the companies as saying that they will invest as much as $258 million (3.5 billion rand) over the next three years through their consortium, Takatso. 

Established in 2001 as Global Aviation Operations, the company traded as Global Airways. It offered fully crewed, maintained and insured aircraft to established airlines. 

In December 2020, trading under the name LIFT Airline, Global Airways began domestic operations between Johannesburg and Cape Town and George.

“Government will have no further financial obligations to the company, outside of the existing liabilities that they will settle. Route networks we are still working on, and it will be a phased roll-out based on demand re-emerging post-COVID,” LIFT Airline Co-Founder Gidon Novick said.  

Novick, alongside Erik Venter, also co-founded Kulala.com, South Africa’s first low-cost airline in 2001. Harith is a leading pan-African fund manager for infrastructure development across Africa. It co-owns Lanseria Airport, northwest of Johannesburg.

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