Interjet negotiates sale of stake with US airlines

The president of the Mexican airline, Miguel Alemán Velasco, admits that there is already a dialogue process.

Mexican airline Interjet, the third largest in the country, is in a dialogue process to sell a stake, either to American Airlines or United Continental, announced on Thursday its president, Miguel Alemán Velasco, reported on Thursday the agency Bloomberg.

The manager refused to specify the percentage of the stake or the sale price, although he stressed that no agreement has been reached yet.

"We're going to partner with a foreign airline. We are talking to United and American," said the executive, quoted by Bloomberg.

American currently has an agreement with Interjet that allows passengers from the U.S. company to book flights between Mexico City and five destinations in Mexico.

The sale could help Interjet raise funds as it tries to respond to the growth of Volaris, its rival in the field of cheap flights, according to the specialized business site.

About what was reported today, Interjet reported in a statement:

"Interjet holds talks with potential strategic partners to structure business alliances like those we already have with international airlines in the U.S., Europe, Asia and Latin America and to explore potential joint ventures, without ruling out eventually some capital investment. Apart from the commercial alliances already established and which are in the public domain with: Iberia, British, American, Latam, Alitalia and All Nippon, Interjet has not established formal commitments regarding joint ventures or capital investment with any interlocutor".

Interjet had already advanced since last February which has a strategy to face a possible deep alliance between Aeromexico and Delta.

While Delta is a few steps away from allying with Aeromexico. Last May, the merger received approval from the Federal Economic Competition Commission and endorsement from the U.S. Department of Transportation is still pending.

The announcement comes in a market that is being reconfigured after the bilateral air agreement between Mexico and the United States was approved, which seeks to encourage and facilitate competition in the two countries' air market.

Interjet, which is currently at 169th on Expansion Magazine's list of Mexico's 500 Most Important Companies, announced the upcoming opening of routes to Los Angeles and Chicago from Mexico City, as part of the bilateral agreement.

Source: Expansion

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