Etihad Airways can confirm the airline has concluded a transaction with Jet Airways to purchase the Indian carrier’s three pairs of Heathrow Airport slots for US$70 million.

The purchase is part of a sale and lease back agreement signed on Tuesday, February 26, 2013.  Jet Airways will continue to operate flights to London utilising these slots.

According to the Abu Dhabi based airline, the deal further strengthens the existing commercial relationship, which came into effect in July, 2008, making provision for codesharing between the two airlines. As previously advised,Etihad Airways continues to progress discussions about further investment in Jet Airways.