Posted on: 07 January 2015 by Ross McSweeny
Finnair has signed a Letter of Intent with StaffPoint Holding Ltd and G.W. Sohlberg Ltd for the two companies to take Flybe’s 60% stake in Flybe Nordic.
The sale of the shares is conditional upon approval being received from the Finnish competition authorities. Upon completion of the sale, StaffPoint’s ownership in the joint venture would be 45%, GWS’s 15% and Finnair’s 40%.
Flights operated by Flybe Finland will continue normally.
“We are pleased that we will have Finnish companies StaffPoint and GWS as partners. When the deal is realised, Flybe Finland and its board of directors will start jointly developing a business model for the company and improving the effectiveness and profitability of regional flying,” explained Pekka Vauramo, Finnair CEO.
Mika Kiljunen, CEO of StaffPoint Group, commented, “We have been analysing this industry for some time, and we see potential in it. The industry is growing, and it is labour intensive. Air traffic has a strong positive impact on the Finnish economy and supports Finnish employment. With our experience in human resources, we want to play a role in the future of the industry. We employ over 14,000 people every year, and we believe that as shareholders we can add value to Flybe Finland.”
The transaction price is the previously announced €1.
StaffPoint Group offers capabilities in staffing and recruiting expertise, coaching, training and HR software, while G.W. Sohlberg Ltd, founded in 1876, is a Finnish family-owned company, which invests in the leading companies of their field.
The ownership change of Flybe Nordic does not have any immediate financial impact on Finnair as it had previously written down the value of its Flybe Nordic AB shares.