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UBS announces purchase of majority stake in Crossair
UBS and Credit Suisse Group complete the purchase of 70.35% of outstanding Crossair shares for CHF 258.8 million. The funds are now available to SAirLines.
As part of the restructuring plan announced on 1 October, UBS and Credit Suisse Group today completed the purchase of 70.35% of outstanding Crossair shares from SAirLines. The purchase consideration of CHF 258.8 million was based on the closing market price of 28 September 2001.
This step forms part of the banks' partnership solution to provide a fresh start for the Swiss airline industry. The funds, provided 51% by UBS and 49% by Credit Suisse Group, are now available to SAirLines.
The transaction is subject to the approval of the relevant merger control authorities.
Zurich / Basel, 02 October 2001
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