I’ve had five pilots call me asking the same question: “Should I stay or start looking?” That tells you everything about the FlySafair sale.
FlySafair has been sold. And not just to anyone, but to Harith General Partners.
If that name sounds familiar, it should. If it doesn’t, buckle up. Because this deal isn’t just about shareholders and signatures, it’s about the future of every pilot in this country and the price of every ticket in your pocket.
I’ve spent 15 years in this industry. I’ve watched airlines rise like Icarus and fall as fast – RIP Velvet Sky, 1time and Comair.
But this feels different. It feels like the final piece of a puzzle we didn’t know was being built.
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Let’s cut through the PR fluff. The headline says “Private Equity Firm Buys FlySafair.” That sounds safe, capitalist.
Here is the reality check:
Harith General Partners is the buyer. And who is the big money behind Harith? The Public Investment Corporation (PIC). Yes, the same PIC that manages government pensions. The same PIC that has been entangled in the state’s financial web for years.
So, let’s look at the SA skies today:
SA Airways: Owned 100% by the state.
FlySafair: Now owned 100% by a firm heavily funded by the state’s asset manager.
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Lanseria Airport: Also part of the Harith stable.
Do the maths. Effectively, the state’s money now underpins the two biggest players in the game. If you are a betting man, would you bet on fair competition?
Or would you bet the days of “dog-eat-dog” price wars are over?
Death of the R10 ticket?
We all loved FlySafair for one reason: they were the scrappy fighter. They were the ones dropping R10 sales that broke the internet. They did that because they were backed by ASL Aviation – an Irish giant that could afford to play the long game.
Harith is different. They are an investment fund. They need returns. They need to pay back PIC. You don’t get massive returns by selling tickets for the price of a loaf of bread.
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My prediction? The “crazy sales” are gone.
The “market-related” prices are here. With Harith owning the airline and the airport (Lanseria), they have a vertical monopoly that would make a tycoon blush.
This is the part that keeps me up at night. It isn’t just business analysis for me, it is personal.
I sit in the jump seat with these men and women. Hundreds of them are my clients. I know their fears, their mortgages and their stress levels better than any boardroom executive.
You have to understand the fragility of the situation. These crews are not just “workers”, they are survivors.
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They crawled their way back from the devastation of Covid, only to face a bruising strike in July last year.
The strike wasn’t just a headline, it was a desperate fight for better rosters and a life where they could see their children grow up.
They stayed because FlySafair was the “safe” ship in a stormy ocean.
It was efficient. It was private. It worked.
Now, that safety net is gone.
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The fear among the crew is palpable.
It’s not just about money, it’s about culture. They watched SAA turn into a political football. They are terrified the “PIC connection” means the same rot will set in at FlySafair.
Cadre deployment in management?
The pilot exodus is not a threat, it’s a promise.
The Middle East is hiring, the US is hiring.
If you’re a captain with 10 000 hours, why would you stay and risk your pension in a “state-lite” airline when Emirates is offering you a tax-free fortune?
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If the senior captains leave, safety doesn’t disappear overnight, but the experience does.
And in aviation, experience is the only thing that matters when the engine creates a window in the side of the fuselage.
Harith says nothing will change. They say management stays. They say this is just about complying with the “75% local ownership” law.
Maybe they are right.
Maybe this gives FlySafair the political cover it needs to expand into Africa and become a global giant.
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But my gut says we just lost the last true independent champion of the South African flyer.
Remember 2018?
The Competition Commission blocked the FlySafair-Airlink merger because it would hurt competition.
That same commission now has a chance to protect the market again.
Let’s hope they do the right thing and ensure this deal doesn’t hand one player the keys to the kingdom.
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