South African investment conglomerate Harith has entered into a sale and purchase agreement to acquire FlySafair after purchasing ASL Aviation's interest in the low-cost airline.
Harith is an infrastructure investor with over $3bn in assets under management.
The details of the transaction were not disclosed.
“ASL Aviation Holdings is proud to have supported the growth of a fledgling airline to become a leader in African aviation, opening air travel to millions of South Africans for the first time,” said ASL Group CEO and also founding CEO of FlySafair Dave Andrew.
Harith said the proposed investment is “aligned with FlySafair's existing trajectory and supports the airline's continued focus on operational excellence and sustainable growth”.
“We are excited to support the next phase of this journey and to support a company that South Africans can be genuinely proud of,” said Harith General Partners cofounder and chairman Tshepo Mahloele.
Both companies did not disclose when the transaction is expected to close, with it still subject to regulatory approvals.