Harith General Partners is planning to acquire South African low-cost carrier FlySafair, according to a report by Bloomberg. The transaction is at an advanced stage and remains subject to regulatory approvals, including competition and aviation licensing authorities, according to Chairman Tshepo Mahloele.
The deal will be executed through Harith Aviation and is expected to complete by the fourth quarter.
The acquisition is expected to help address regulatory pressure on FlySafair to comply with South African ownership rules. The airline, which controls more than 60% of domestic seat capacity, was previously found to be in breach after authorities determined that 75% of its voting rights were held by trusts and corporate entities rather than individuals.
Harith said the investment will represent about 15% of its overall portfolio and will be financed through a mix of equity and debt.
FlySafair’s parent company, Safair Operations, is partly controlled by ASL Aviation Holdings, which is owned by private equity firm Star Capital Partners. The transaction is expected to trigger a reorganisation within the ASL Aviation Group to simplify the shareholding structure, after which Harith intends to complete a full takeover of Safair Operations.
Harith, which manages about $3bn in assets and focuses on infrastructure investments across Africa, has previously explored opportunities in the aviation sector, including a potential stake in South African Airways that was ultimately abandoned. The firm also reviewed an investment in Comair, before the carrier collapsed in 2022.
FlySafair has been seeking to adjust its ownership structure for several years following earlier regulatory challenges, including a blocked merger with SA Airlink in 2018.
