Jamaica's national airline, Air Jamaica, has been sold to an investment partnership with offices in the United States and Singapore, Share has learned.
The new majority owners are reported to be private equity fund, Indigo Partners LLC and private investment firm, Oaktree Capital Management LLC, the major investors in the low-cost carrier, Spirit Airlines. It has also been reported that the name of the airline would be changed to Spirit of Jamaica.
In its efforts to privatize Air Jamaica, the Jamaican government has been searching for a buyer for sometime. Caribbean Airlines, formerly BWIA, which is based in Trinidad and Tobago, is said to have been the other serious bidder for Air Jamaica but lost out to the owners of Spirit.