AfricInvest's Stake in Nouvelair (A and B)

The Ciber Case Series In 2006, just prior to the Arab Spring, Tunisian PE firm AfricInvest faced a critical decision. Several years prior the company had invested in a well performing charter airline, Nouvelair; its investment was now in jeopardy due to a proposed merger with Karthago, a poorly managed competing airline founded by a prominent businessman with close ties to Tunisia's corrupt ruling family. In Case A, the students are asked to consider ways to avoid this merger. In Case B, which begins after the terms of the merger are set and after the Arab Spring uprising, students are asked to consider whether it is time for AfricInvest to exit its investment in Nouvelair.