UAE's Etihad Airways and Italian carrier Alitalia have completed all formalities related to the transfer of air transport operations from the old Alitalia Compagnia Aerea Italiana (CAI) to the new Alitalia Società Aerea Italiana (SAI), with the UAE carrier acquiring a 49 per cent share in the new entity.

Etihad Airways has subscribed and paid for the capital increase of €387.5 million for its share in Alitalia SAI, said a statement from the company.

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 31 and Alitalia SAI will start operations from the next day, it added.-TradeArabia News Service