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Bulgaria Air Purchases Remaining Assets of Ex-Flag Carrier Balkan

Date: 26.11.2009

The purchase of 45 % of Amadeus's stock will help the national flag carrier, Bulgaria Air, secure stronger positions on the international market. File Photo Bulgaria Air, the country’s national flag carrier, had finalized the deal for a joint venture with the Bulgarian branch of Amadeus, the Spanish leading provider of IT solutions for tourism and the travel industry.

Through the deal, Bulgaria Air acquired the remaining assets of former national flag carrier Balkan. The assets were purchased for EUR 1,5 M.

In 2004 Balkan’s shares were sold to Amadeus, a subsidiary of Amadeus IT Group, after Balkan declared bankruptcy. In 2007, Bulgaria Air was acquired by Chimimport, which became sole owner. In the next years Chimimport bought most of Balkan's properties in Bulgaria and abroad.

A spokesperson of Bulgaria Air is quoted as saying the purchase of 45 % of Amadeus's stock will help the company secure stronger positions on the international market, and offer hotel reservations along with air tickets. Amadeus provides low-cost tickets and works with over 200 travel agencies in Bulgaria.

Currently, Bulgaria Air also offers flights to and hotels in the US due to a contract with Spanish air company Iberia, which services transatlantic flights.

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