Posted on: 04 November 2015 by Ross McSweeny
Finnair, StaffPoint Holding and Kilco have agreed transactions which will see 60% of the shares in Nordic Regional Airlines (Norra) transferred to the ownership of StaffPoint and Kilco.
Kilco enters the arrangement in the place of GW Sohlberg (GWS), which was previously part of the negotiations. Kilco is an investment company owned by the family of StaffPoint CEO Mika Kiljunen and it is also one of the owners of StaffPoint.
The transaction requires approval by the Finnish Competition and Consumer Authority but once cleared, StaffPoint would hold 45% of the shares in Norra, with Kilco having 15% and Finnair 40%. The transaction price, as previously disclosed, is €1.
"We are satisfied that the negotiations reached a conclusion and that Norra and its board of directors are now free to keep developing the company and improving the profitability of regional flying," commented Finnair CEO Pekka Vauramo.
StaffPoint Group CEO Mika Kiljunen added, “We have been analysing the industry for quite some time and see potential there. With our expertise in human resources, we want to contribute to the viability of the industry. As shareholders, we are also able to use our expertise to generate added value to Norra.”
Nordic Regional Airlines operates a fleet of 26 ATR and Embraer aircraft on domestic and European routes. The company previously operated under the name Flybe Finland.