Icelandair buy WOW air

Icelandair buy WOW air

Icelandair buy WOW air

The acquisition is subject to a vote of Icelandair Group's shareholders, due in 3-4 weeks.

Icelandair Group is buying rival Wow Air in a major consolidation of the Icelandic aviation market.

While there has been some consolidation in Europe over the a year ago, with Lufthansa and easyJet acquiring parts of failed airline Air Berlin in 2017, the chief executives of the continent's biggest airline groups say more is to come. Their combined market share on the transatlantic market is around 3.8%.

"A new chapter now starts where WOW air gets an opportunity to grow and prosper with a strong backer like Icelandair Group", Mogensen said. The acquisition creates an opportunity for both companies to become even better prepared to provide global carriers with strong competition in the worldwide airline market.

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In an announcement made on Monday, Icelandair said the companies will continue to operate under separate brands. There are great opportunities for streamlining but the companies will continue to run in their own respective ways under their own brand names and air operating licenses. "We've now begun a new chapter for WOW Air which gets the opportunity to grow with a strong backer in Icelandair which will strengthen WOW Air's foundation further in worldwide competition". "The Icelandic travel industry is a lynchpin of the Icelandic economy and its important that air transport to and from the country is in sure hands".

Skúli Mogensen, CEO and founder of WOW air: "I am very proud of the success and development that we at WOW Air have enjoyed in the past few years and I am thankful for the response we have received since our very first flight".

Struggling Italian carrier Alitalia is seeking new investors and British Airways-owner IAG bought a stake in Norwegian Air with a view to a takeover. While announcing its India launch this May, Mogensen had spoken about fares from Delhi to U.S. and back starting at as low as Rs 27,000. Meanwhile, Icelandair has held discussions with creditors and the Icelandair Group has recently sold its hotel operations Icelandair Hotels and Hotel Edda.

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