Alitalia and Etihad Airways today announced the completion of all the formalities related to the transfer of air transport operations from Alitalia CAI to the new Alitalia SAI.

Etihad Airways has subscribed and paid for the capital increase of €387.5 million for the acquisition of a 49 per cent share in Alitalia SAI.

The remaining 51 per cent shareholding is held by Alitalia CAI through MidCo, which has contributed the agreed assets and liabilities for the continuation of the airline.

The transaction will become effective on December 31st, 2014 and Alitalia SAI – Società Aerea Italiana will commence operations on January 1st, 2015.

Etihad Airways was recently recognised as the World’s Leading Airline for the sixth consecutive year by the World Travel Awards.