Esas Holding is now Air Berlin’s biggest shareholder following the acquisition of a 15.3% stake in Germany’s second and Europe’s fifth largest airline.

The Federal Germany Cartel Office has approved the transfer of shares, paving way for Esas Holding to become Air Berlin’s biggest shareholder following the purchase of 15.3% of the airline, coordinated by Swiss bank UBS. The approval of the transfer of shares on 27th April 2009 means Ali Sabanci, Pegasus Airlines Chairman and Member of the Board of Esas Holding, will now represent Esas Holding on the Board of Air Berlin.

Having previously expressed interest in M&A (Mergers and Acquisitions) on several occasions, Ali Sabanci reveals: “Consolidation is already widespread in Europe and the rest of the world, as it should also now be in Turkey. Mergers are increasingly a way for airlines to reduce costs and expand their network on a global scale. 2009 will also be a tough year for Turkey, and we know that only the well-managed companies will survive. As Esas Holding, we have set our vision beyond Turkey and see value in investing in EU countries. We were encouraged by Germany’s significance within the EU, as well as Air Berlin’s strength and management team.”

With this acquisition, Esas Holding is now one of Air Berlin’s most significant shareholders, an airline boasting a 124-strong fleet as Europe’s fifth and Germany’s second largest airline.