Tolmount closing in on NJI acquisition

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UK company Tolmount moved a step closer to taking over Italian regional carrier National Jet Italia (NJI) with the approval of the acquisition by company shareholders.

Tolmount, which is changing its name to Aviation Partners Worldwide, will acquire 99.99% of the British Airways franchisee for £35 million ($58 million). The company has found the £13 million minimum placement in order to achieve shareholder approval and for the deal to go through. The £13 million is the working capital required to fund expansion of NJI’s routes. The company expects to close the acquisition by the end of August.

Rome-based NJI, which started operations last year, is majority-owned by Netherlands-based investment company Magitbay Holdings.