Etihad sells 38 planes in deal valued at $1b

Etihad Airways said on Tuesday it would sell 38 aircraft to an investment firm and a leasing company in a deal valued at $1 billion (Dh3.67 billion).

Etihad said it would sell 38 aircraft — 22 Airbus A330s and 16 Boeing 777-300ERs — in the deal with investment firm KKR and leasing firm Altavair AirFinance. KKR said the Boeing 777-300ERs will “be leased back to Etihad upon purchase in early 2020,” while the Airbus A330s will go to international clients.

Etihad described the move as being in line with “the third year of its transformation program.”

“The deal offers us flexibility while ensuring we stand by our sustainability targets and maintain a fleet of the most fuel-efficient, technologically advanced aircraft,” the airline said in a statement.

Etihad’s website lists itself as having a fleet of 102 aircraft. It no longer lists its A330s among its fleet, having said it would begin phasing those aircraft out. The 16 Boeing 777s it will sell and lease back represent 15 per cent of its current fleet.