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27 Jan, 2007 01:47

Russian Airbridge buys Hungarian airline Malev

Russian Airbridge buys Hungarian airline Malev

Hungary has chosen Russia's KrasAir to buy State airline Malev. The government's privatisation agency chose Airbridge – 49% owned by KrasAir – over its Lithuanian competitor.

The two companies are expected to sign the deal next week, with Airbridge paying just over $US200 MLN for Malev.

Hungary has tried several times to sell the troubled airline, which has state-guaranteed debts of over $US150 MLN.

The deal would give Russia's KrasAir a relatively new fleet of 27 Boeing 737s and the chance to boost its European flights.

KrasAir is planning to invest an extra $US50 MLN in Malev airline after the privatisation.