Icelandair Group completes acquisition of Play Europe stake

Transaction buys Icelandair 49% of a Maltese AOC holder established by former rival Play before its collapse.
Icelandair Group has completed its acquisition of a 49% shareholding in Play Europe, giving it access to a Maltese air operator’s certificate (AOC).

Play Europe was established by Icelandair’s budget rival Play before it ceased operations and shut down last year. Before Play collapsed, it transferred some of its Airbus A320neo-family aircraft to the Maltese registry.

Icelandair Group says in a 19 October stock-exchange notice that it now holds a 49% stake in Fly Play Europe Holdco – the parent company of the Maltese AOC holder – after satisfying “all conditions precedent to the transaction”.

It acquired the stake from Isafold Capital Partners Fund FPE for $686,000.

Icelandair Group chief executive Bogi Nils Bogason has previously said the Maltese AOC would enhance the group’s operational flexibility and enable it to “simplify and streamline” its Icelandic operation.

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