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Air Berlin sells unit to Etihad, bringing cash for restructuring

Reuters - UK Focus

BERLIN, Dec (Shanghai: 600875.SS - news) 5 (Reuters) - Air Berlin (LSE: 0GPE.L - news) will sell its Austria-based Niki unit to major shareholder Etihad, bringing 300 million euros ($319.11 million) in cash for the troubled German airline as it carries out a wide-ranging restructuring.

"The transaction when concluded will have a positive effect on the financial results of Air Berlin," the German carrier said in a statement on Monday.

Abu Dhabi-based Etihad may not control a European Union carrier under foreign ownership restrictions but will instead place Niki in a new leisure airline together with tour operator TUI (LSE: 0NLA.L - news) . ($1 = 0.9401 euros) (Reporting by Victoria Bryan; Editing by Edward Taylor)