FlySafair is acquired by Harith General Partners

Originally published on: 22 February 2026
Reading time: 4 mins

Contents

The significance of FlySafair

South Africa remains the largest domestic aviation market in Africa, with approximately 1.8 million scheduled seats during peak seasons. And FlySafair is the primary contributor to this capacity.

FlySafair, founded in August 2013, has now had 11 years of affordable air travel (first flight on 16 October 2014), with over 1,250 weekly flights and operating 37 Boeing 737 aircraft, making it the largest operator of this aircraft type in Africa. The 737 enables the “budget airline” business model which FlySafair is about. Flying to 10 domestic destinations and five regional destinations, it currently accounts for approximately 67% of domestic seat capacity.

In 2025, the company executed 62,805 flights, maintaining a massive presence on the “Golden Triangle” routes (Johannesburg, Cape Town, and Durban).

Regulatory troubles

With all this growth comes competitive scrutiny and regulatory attention.

The airline initially came under scrutiny in 2022 after Airlink and Global Aviation (which operates LIFT) complained to regulators with a concern that FlySafair was effectively controlled from abroad. This ownership structure was looked into by the International Air Services Council (IASC) and the South African regulatory body Air Services Licensing Council (ASLC), and they found FlySafair to be in breach of South African law in late 2024.

Under the Air Services Licensing Act (115 of 1990), domestic airlines must have at least 75% local voting rights. The regulators found that Irish-based ASL Aviation Holdings effectively controlled roughly 74.86% of the airline through various investment structures.

The ASLC initially gave FlySafair until January 2026 to rectify its structure or face license cancellation. However, in October 2025, the Gauteng High Court granted FlySafair an urgent interdict that scrapped this deadline, allowing the airline to continue operating while it challenged the legal interpretation of “local ownership” in court.

Solution: The acquisition by Harith General Partners

However, the pressure from the IASC and ASLC has resulted in what may be a definitive solution through a major acquisition deal. On 10 February 2026, FlySafair announced that private equity firm Harith General Partners (and its affiliates) entered into a Sale and Purchase Agreement to acquire the airline.

The acquisition is funded by various infrastructure funds under the management of Harith General Partners. But going further into the deal, we see that the firm created a special purpose vehicle (SPV), Harith Aviation Proprietary Limited, specifically for the transaction. Zungu Investments is a co-investor. Another noteworthy point is that Public Investment Corporation (PIC) (which manages South African government employee pensions) is a 30% shareholder in Harith General Partners, although Harith has clarified that the PIC is not providing direct separate funding for the FlySafair deal specifically.

It is said that conversations between Harith and FlySafair intensified in March 2024, following the termination of Takatso Aviation Consortium’s proposed deal to acquire 51% of South African Airways (SAA) (Harith was the majority shareholder of Takatso consortium). It’s clear that Harith has been focused on penetrating the aviation industry. They had considered investing in now-defunct South African Express, but ultimately opted against it. They equally had made an unsuccessful bid in 2020 for Comair (South Africa), now in final liquidation after the airline went into voluntary business rescue.

Harith has approximately $3 billion in assets under management across transport, energy, and telecommunications. It already holds a stake in Lanseria International Airport, and this move would mark its first direct investment in an airline, extending its transport portfolio.

What’s next?

The acquisition is designed to move FlySafair squarely into majority South African hands. And while the deal resolves the core complaint of the IASC and ASLC, it is still subject to approval from the Competition Commission and the licensing councils. If all goes well, the deal is expected to close in the 4th quarter of 2026, that’s according to Harith Chairman, Tshepo Mahloele.

For now, it’s business as usual, with no changes to its brand, leadership, or current flight schedules.