The Icelandair Group has scrapped its plans to acquire low-cost carrier rival WOW Air after both companies agreed it was the best course of action.

Bogi Nils Bogason, Interim President & CEO of Icelandair Group revealed that “The planned acquisition of Icelandair Group of Wow air will not go through.”

“The Board of Directors and management of both companies have worked on this project in earnest,” Boganson said. “This conclusion is certainly disappointing.”

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