Turkish competition authorities have approved the sale of the country's largest private airline, Onur Air, to new owners Kudret Tuncel, which will hold 51%, and Mahdi Shams.
The airline was started by Cankut Bagana 20 years ago and has grown substantially in the intervening years. Onur Air performs charter, wet-lease and scheduled services with 34 aircraft including four Airbus A330s, six A300-600s, 10 A321s and 14 A320s.
Sale negotiations began two years ago but the final price has not been disclosed.
Turkish businessman Kudret Tuncel owns factories and produces perfume products while Mahdi Shams, a UK citizen, lives in the United Arab Emirates and owns an investing company called Home Persian, operating in the Middle East, Russia, Iran and China.
Onur Air's sale covered 100% of the airline. Following the clearance by the Turkish competition authority the shares will be taken up by Onur's new management in one month.