Pan-African infrastructure investor Harith General Partners has announced plans to acquire South African low-cost airline FlySafair.
This marks their second effort to acquire an airline, after a previous plan, under the Takatso Consortium, to buy state-owned South African Airways (SAA) for R51 in 2021 failed to take off.
The proposed sale was at the time supported by the late former Public Enterprises Minister Pravin Gordhan. He asserted that the airline had been a long-standing burden on public finances. And added that it had received several government bailouts before entering bankruptcy in 2019.
An improved financial performance
After the proposed deal collapsed, SAA continued being under the Department of Public Enterprises. And when President Cyril Ramaphosa shut down the department after the general elections in 2024, SAA was moved to the Department of Transport.
Since then, the company’s financial performance has improved. It recently posted revenue of R8.8-billion for the 2024/2025 financial year. This was an increase from R6.5-billion in the previous year, and a return to profit.
On Tuesday, Harith confirmed that it has entered into a sale and purchase agreement to buy FlySafair.
The deal is still subject to customary regulatory approvals. These include from the Competition Commission and relevant aviation authorities.
The proposed investment comes after a shareholder exit process at FlySafair that has been under consideration for several years.
Harith said the acquisition supports FlySafair’s current trajectory and reinforces its focus on operational excellence and sustainable growth. This is particularly in a domestic aviation market where affordability and reliability remain key competitive factors.
Regulatory processes underway
Regulatory processes are now under way, with the parties engaging authorities as part of the normal oversight applicable to licensed airlines. Completion of the transaction will depend on the fulfilment of these conditions.
According to Harith, the transaction is intended to strengthen an integrated transport ecosystem that connects African markets while supporting FlySafair’s growth and operation performance.
Should the deal succeed, Harith will own an airline and an airport. And this could give the company a competitive advantage in the aviation space. The company currently owns Lanseria Airport, the second-largest airport in Gauteng.
In addition to transport, Harith’s portfolio spans energy and telecommunications. It has a stated objective of scaling high-performing assets and linking long-term capital to the continent’s infrastructure needs.
The company is chaired by investment professional Tshepo Mahloele. It manages more than $3-billion (approximately R47-billion) in assets. And it is marking two decades as an investor in strategic infrastructure across Africa.
