Indigo Partners LLC and Wow air, the Icelandic airline based in Keflavik (Reykjavik), have agreed in principle for Indigo to invest in Wow.

Following successful completion of due diligence, the parties would work to close as soon as practicable. Wow’s CEO and primary shareholder, Skuli Mogensen, would remain a principal investor in Wow upon completion of the transaction.

Terms of the transaction were not disclosed.

This announcement comes after Icelandair decided to drop its bid to acquire its competitor.

When complete, Wow Air will join the Indigo Partners group of airlines

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