Icelandair Group has entered into a share purchase agreement to purchase all shares in the airline WOW air.
Beleaguered budget airline WOW Air has been completely bought out by Icelandair Group, Viðskiptablaðið reports. The board of Icelandair Group bought every share in WOW Air, in full conjunction and cooperation with the Icelandic Competition Authority.
The acquisition is subject to, approval by Icelandair Group‘s shareholders, the approval of the Icelandic competition authorities and a due diligence.
The companies will continue to operate under separate brands. Their combined market share on the transatlantic market is around 3.8%. The acquisition creates opportunity for both companies to become even better prepared to provide international carriers with strong competition in the international airline market.