Stelios Haji-Ioannou, founder of easyJet, is developing a new African airline.
This low cost carrier is to be called "Fastjet", and is to operate across the continent. It will be run by former easyJet executives. Stelios, who is still in the midst of the boardroom battle with easyJet, intends the airline to operate out of Kenya, Tanzania, Ghana and Angola, aiming it squarely at Africa's growing middle classes. The airline is to carry over 12m passengers a year.
EasyJet has said that it will take "necessary action" if its rights are threatened by the new venture.
As part of the deal, easyJet will take a 5 per cent stake in Rubicon, a cash shell company, which has aquired the aviation arm of an African based conglomerate called Lonrho. The FastJet service is to launch towards the end of the summer, and will use planes like the Boeing 737 and the Airbus A319.