Posted on: 01 July 2011 by Mark Howells
Flybe has confirmed that following the acquisition of a majority stake in Finnish Commuter Airlines (FinnComm), the regional carrier will be known as Flybe Nordic, once the deal – for a total consideration of €25 million plus net cash – is completed within the next four to six weeks and cleared by competition authorities.
With Flybe having a 60% stake in the joint venture and Finnair holding 40%, Flybe Nordic’s holding company board will comprise three representatives from Flybe, and two from Finnair.
In addition to the JV acquiring 100% of FinnComm, including 57% of Finncomm Training Centre (FTC) as well as small IT and charter businesses, Flybe will also make a direct purchase acquisition of 46% of Finnish Aircraft Maintenance (FAM).
The joint venture will undertake a major marketing campaign to promote the Flybe brand to business and leisure customers in Finland, as well as utilising Flybe’s ancillary revenue model with promotions, loyalty schemes and special offers.