Icelandair Group has completed the purchase of a 49% stake in Fly Play Europe Holdco, securing access to the Maltese air operator certificate held by Fly Play Europe Limited. The deal, completed for USD 686,000, gives the Icelandic carrier a second European operating platform and leaves completion subject to conditions linked to Maltese aviation authorities.
The investment follows an earlier letter of intent and involved the sale of the stake by FPE hs., a fund managed by Ísafold Capital Partners. Icelandair has described the Maltese certificate as a way to increase operational flexibility, simplify and streamline its Iceland-based setup and open new international business opportunities.
The airline expects the transaction to have an immaterial effect on its 2026 financial performance. Management also views the stake as a long-term strategic option, with room to raise ownership later under the agreed structure.