Posted on: 01 April 2015 by Ross McSweeny
Flybe Nordic will transfer to Finnair’s ownership on an interim basis after Finnair acquired Flybe UK’s 60% ownership of Flybe Nordic for a transaction price of €1.
The news follows the signing of a Memorandum of Understanding by Finnair, StaffPoint Holding Ltd and G.W. Sohlberg Ltd on 7 January 2015, saying that Staffpoint and GWS would together own 60% of Flybe Nordic shares.
“Last November Finnair and Flybe UK decided to discontinue their Flybe Nordic co-operation and agreed that Flybe UK will sell its 60% ownership in the company to a potential new majority shareholder or Finnair. While the discussions with Staffpoint and GWS still continue, Finnair will now acquire Flybe UK’s share of Flybe Nordic. We hope to sign a new share purchase agreement in the coming months,” explained Pekka Vauramo, Finnair’s CEO.
“Finnair aims to find, together with its partners, a business model that would enable the development of regional flying in a financially sustainable way. We will take an important step to this direction at the beginning of May, when all routes operated by Flybe Finland at their own commercial risk will become a part of Finnair's contract flying arrangements, as we have communicated earlier. Flybe Finland has also implemented several internal measures to improve the company’s financial position,” Vauramo continued.
Flybe Nordic fully owns Finnish subsidiary Flybe Finland, which operates a substantial part of Finnair’s domestic and European routes as purchase traffic with a total of 26 ATR and Embraer aircraft. Flights operated by Flybe Finland will continue normally.