The statement sent to the workers by the airline’s management said that “the Imperial Jet (I-Jet) company led by Abed El Jaouni bought the shares representing the joint venture with the Njord Partners investment fund,” according to Portuguese newspaper Observador.
The intention to sell was first revealed by the Publituris newspaper in September 2018, when Tomaz Metello said that the company should “stay with an investor who is interested,” and Jornal Económico added that the transaction would be completed by the end of September of that year for €116 million.
EuroAtlantic’s new owner, Abed El Jaouni, founded several real estate and aviation companies, starting his career as a pilot at German airline Lufthansa and creating Cirrus Middle East (now I-Jet) in 2004 in Lebanon.
EuroAtlantic Airways announced in late September that it had reached an agreement with the São Tomé and Príncipe government to sell its stake in STP Airways, also leaving the carrier’s management by October.
The Government of São Tomé and Príncipe in June announced its intention to terminate its contract with euroAtlantic for the management of STP Airways by the end of October, but has in the meantime signed an agreement with Ecuadorian airline Ceiba, which will place aircraft at the service of STP Airways operated by Portuguese carrier White.