It's now official: the German investor specialising in air transport Intro Aviation will take control of Corsair. The sale had been in the pipeline for some time, when TUI was looking for a buyer for Corsair in order to concentrate on its tourism, hotel and cruise activities, and had announced its discussions with Intro Aviation. "We are withdrawing from non-strategic business sectors that do not generate no synergy for the group. This sale is the right decision for TUI and will also benefit Corsair and its staff."said Fritz JoussenCEO of TUI. Back in 2015, like the Dubreuil group, owner of Air Caraïbes, Intro Aviation had already studied the opportunity of taking over an airline that had joined the world's leading tourism group in 2002 when it bought tour operator Nouvelles Frontières. " We were also interested, because Corsair's specific positioning offered excellent development prospects."explained Peter Oncken, CEO of Intro Aviation.
The German investor will therefore 53 % of capitalTUI will retain 27 % of the company's shares for three years: a holding designed to guarantee the solidity of the financial package as well as to reassure staff. For their part, the employees will hold 20% of their company.
Historically, we have not been long-term investors. But with Corsair, we are at least looking to the medium term.
When the talks between TUI and Intro Aviation were announced, the unions voiced their concerns about the investor's strategy. "It's true that, historically, we haven't been long-term investors. But with Corsair, we are at least looking to the medium term, and could even participate in the ongoing consolidation of the market."says Peter Oncken.
Everything is changing and yet nothing is changing completely for Corsair, as the CEO Pascal de Izaguirre will remain in charge, while staff have been assured that their jobs and salaries will remain unchanged for at least 24 months. However, the main change concerns the fleet development with a doubling expected by 2023. The airline will gradually be bidding farewell to its last three Boeing B747-400s, which will be replaced by A330-900 Neos. To this end, the airline has placed an order for three new aircraft, which will enter service in late 2020 or early 2021. In addition to the current two A330-200s and two A330-300s, Corsair will have a fleet of ten aircraft in 2021, followed by 13 aircraft by 2023.
As this [business] class is a real success, the offer will be increased from the current 12 seats to 20 seats on future A330s.
This single-crew Airbus fleet will offer better operating synergies, but above all it will make it possible to offer a homogeneous range that extends the move upmarket launched by the deployment of a Business class in 2017. "Given the success of this class, the number of seats will be increased from the current 12 to 20 on future A330s. Similarly, Premium Economy will offer 21 seats, compared with 12 on the A330s and 18 on the 747s today."explains Pascal de Izaguirre. This approach is in line with the airline's desire to appeal to a broader spectrum of customers, reaching out to business travellers as well as leisure passengers.
On the network front, while Corsair has had to abandon the Paris-Dakar at the end of January, the rights to which were transferred by the Senegalese State to the new company Air SenegalIn June, Corsair will be relaunching a service to Miami from Paris. Another development is the continuation of year-round services to Montréalonce a summer destination. "We will be increasing the number of weekly flights to four this winter, and hope to offer a daily flight on this route as soon as possible."said Pascal de Izaguirre.
Corsair's traditional markets have become increasingly competitive with the arrival of thearrival of Level or French BeeReunion and the French West Indies will remain fundamental pillars for the company, which even intends to strengthen its presence there. "We are studying the possibility of increasing frequencies, as well as launching new routes once the restructuring of the fleet is complete. We have a comfortable slot portfolio at Orly to support our future development."says Pascal de Izaguirre. For his part, Peter Oncken is not ruling out expansion outside his base at the airport in the south of Paris, for example at Paris CDG, or even at other hubs.
