Icelandair has completed its acquisition of a 49% stake in Fly Play Europe Holdco ehf., the Maltese holding company formerly associated with PLAY Airlines. The transaction gives Icelandair access to an additional European air operator certificate through Fly Play Europe Limited, which remains the certificate holder under Maltese regulatory oversight. PLAY’s former creditors retain the remaining 51% of the holding company.
All conditions precedent were satisfied before the transaction closed. Icelandair signed the purchase agreement on 20 August, following a letter of intent agreed in April. The reported consideration is approximately US$686,000, although the completion disclosure did not repeat the purchase price.
The deal provides potential operational flexibility, including the option to conduct some future services under the Maltese certificate rather than solely under Icelandair’s Icelandic certificate. It does not establish that Icelandair has transferred flights to Malta or begun operating under the AOC, and no change in majority control has occurred.
The Maltese certificate was originally linked to PLAY’s plan to shift some operations from Iceland to Malta. After PLAY’s Icelandic airline failed, control of the Maltese operation passed to creditors. Icelandair expects the transaction to have no material effect on its 2026 financial results, while financing arrangements and any future increase in its stake have not been disclosed.