Harith swoops in for FlySafair as SAA deal fades into history

In a major shake-up for South African aviation, infrastructure giant Harith General Partners has officially signed a Sale and Purchase Agreement to acquire 100% of FlySafair, the country's largest domestic carrier.

The announcement, made today, 26 February 2026, marks a strategic pivot for Harith after its high-profile bid to acquire a majority stake in the national carrier, South African Airways(SAA), collapsed in early 2024.

A solution to the ownership crisis

The deal comes at a critical time for FlySafair. For nearly two years, the airline has been embroiled in a regulatory battle with the Air Services Licensing Council (ASLC) over foreign ownership limits.

South African law mandates that domestic airlines must be at least 75% South African-owned. FlySafair's previous structure, which included significant backing from Ireland-based ASL Aviation Holdings, had been ruled in breach of these regulations.

• The Buyer: Harith General Partners, a Pan-African private equity firm with over $3 billion in assets.
• The Goal: To transition FlySafair into a fully South African-owned entity, effectively resolving its licensing disputes while maintaining its status as the market leader.
• The Market Impact: FlySafair currently controls over 60% of South Africa's domestic seat capacity.

Business as usual for passengers

Despite the change in ownership, Harith Chairman Tshepo Mahloele emphasised that the airline's successful low-cost model and leadership team will remain intact.

“FlySafair has a proven operating model and a strong management team. We are acquiring it as a going concern with a focus on continuity - the brand, strategy, and routes will remain unchanged,” said Mahloele.

The acquisition will be funded through a mix of equity and debt, representing approximately 15% of Harith's overall portfolio. The firm already holds a significant stake in Lanseria International Airport, creating a powerful vertical integration in the local transport sector.

What happened to SAA?

For those following the “Saga of the Skies,” this move confirms that Harith has moved on from its original target. The Takatso Consortium deal - which would have seen Harith and its partners take a 51% stake in South African Airways - was terminated by the government in March 2024 following disagreements over a revised valuation of the airline. 

While SAA remains state-owned and recently reported a modest R155 million profit for the 2024/25 financial year, it is FlySafair that has emerged as the commercial powerhouse of the region.

What will happen next?

The transaction is now in the hands of the Competition Commission and aviation licensing authorities. If approved, the deal is expected to be finalised by the fourth quarter of 2026.