A consortium led by Arif Habib Corporation has been selected to take a majority stake in state-owned Pakistan International Airlines (PIA), as part of a televised sale process on 23 December. The winning offer came in at PRs135 billion ($482 million) for a 75% equity share in the national carrier, exceeding the government’s reference price of PRs100 billion. The consortium also includes Fatima Fertilizer Company, AKD Group, The Lake City, and City Schools, according to notices attached to the Pakistani stock exchange, with the military-backed Fauji Fertilizer Company also joining the alliance. PIA states that the Pakistani government will receive approximately 7.5% of the bid value, or PRs10.125 billion, as an upfront cash payment. PRs124.875 billion, or 92.5% of the bid, is earmarked for reinvestment into PIA via a rights issue to take place over the following 12 months. Businessman Arif Habib, who controls the Arif Habib Corporation, told local media he intended to increase the carrier’s fleet to 38 in a first phase on investment and 65 in the second, according to Dunya News. Data shows PIA as operating an in-service fleet of 19 aircraft, comprising 11 Airbus A320-200s, six Boeing 777s and two ATR 42s. Following the auction, the country’s Privatisation Commission Board recommended the approval of the bid, which now requires cabinet-level ratification. Although the Pakistani government first announced its intention to privatise the national carrier in August 2023, early efforts to secure a buyer gained little traction due to a lack of investor interest. Since then, aviation authorities in the UK and the EU have lifted long-standing safety bans on Pakistani airlines, which is seen as having provided a boost to the state's efforts to divest its stake.

The European Commission has approved a €167.8 million ($197 million) restructuring package for the French airline Corsair, designed to enable its return to sustainable profitability, under state aid rules. The decision, announced on 23 December, follows an investigation into whether the state-backed support aligned with EU rescue and restructuring guidelines. The Commission concluded it is necessary to prevent a collapse that would disrupt connectivity for the French overseas territories. The financial package consists of an €80 million write-off of loans originally approved in 2020 and €87.8 million in new financing. This support comes after Corsair faced significant financial headwinds from "unforeseeable external events", states the EC. "As a result, the airline was facing serious financial difficulties," it adds. As part of the agreement, the airline has already repaid previous state aid from 2021 and 2022 with interest. It will undertake a restructuring programme, and must implement compensatory measures to avoid damaging competition. Based at Paris-Orly airport, the airline provides essential connectivity for overseas territories such as Martinique, French Guiana, Reunion and Mayotte.

Thai Airways has taken delivery of the first of 10 Airbus A321neos from lessor AerCap. The remaining nine are scheduled to be delivered through 2028, states AerCap in a 23 December press release. "The arrival of THAI's first Airbus A321neo marks a significant milestone in our efforts to modernize and enhance the efficiency of our fleet," states the carrier's chief executive Chai Eamsiri. Excluding the latest delivery, the carrier has 32 of the type scheduled for delivery through 2028, all on operating leases from lessors including AerCap, CALC, SMBC Aviation Capital and BOC Aviation.