Irish aviation group ASL Aviation Holdings has entered into a sale and purchase agreement to sell its interest in South African airline FlySafair to investment conglomerate Harith General Partners and its affiliates.

The conclusion of the sale is subject to regulatory approvals in South Africa.

Harith is a pan-African infrastructure investor with more than $3-billion in assets under management. The company provides investors with exposure to diversified infrastructure, with a strong focus on transportation, energy, connectivity and logistics.

Harith has a 20-year record of mobilising capital for infrastructure developments across Africa.

FlySafair has grown to be a market-leading low-cost carrier since its establishment in 2014. It holds 67% of all domestic seat capacity with a fleet of 39 B737 aircraft. FlySafair has carried more than 54-million passengers at reduced fares on common routes.

ASL group CE Dave Andrew, who also founded FlySafair, says ASL is proud to have supported the growth of a fledgling airline to become a leader in African aviation, having opened air travel to millions of South Africans for the first time.

“With new international routes having been added to FlySafair’s network, the time has come to pass the baton to Harith, which is ideally placed to oversee the airline’s continued development and growth.”

Harith co-founder and chairperson Tshepo Mahloele says FlySafair represents exactly the kind of African success story the group seeks to back: a well-run, resilient business delivering real economic value every day.

“Aviation is core infrastructure and FlySafair has demonstrated how affordable, reliable air travel can unlock growth, jobs and opportunity across Southern Africa.

“Our ambitions in this sector remain unchanged. We are excited to support the next phase of this journey and to support a company that South Africans can be genuinely proud of,” Mahloele states.

Once the transaction is concluded, FlySafair will continue to operate under its existing brand, leadership and business strategy, with a focus on operational excellence, customer value, and sustainable growth.

Notably, FlySafair advises that a regulatory process relating to FlySafair’s structure, following findings issued by the Air Services Licencing Council early last year, remains ongoing.

The airline clarifies that the proposed transaction was not initiated in response to those findings, nor will the deal have any bearing on the outcomes and matters under consideration by the licensing authorities, who will continue to assess the proposed structure in accordance with their statutory mandates.