Loftleidir Icelandic, a subsidiary of Icelandair Group, has announced its interest in taking ownership in Azores Airlines, a Portuguese airline with debts of approximately $250 million.
The Group’s plan is to acquire 49 percent stake in the company and so far is the sole qualified possible buyer. An Expression of Interest was issued by Grupo SATA, the parent company of Azores Airlines.
Loftleidir has demonstrated the required capabilities to take part in the sale of the company, with the necessary financial ability and managerial experience present. Further phases are yet to take place before the actual sale can begin.
Icelandair Group’s subsidiary must go through the completion of binding offers and their review and negotiation processes.
Final decisions and terms are yet to be completed.