Icelandair Group has bought a 49% stake in Fly Play Europe Holdco, the Maltese entity behind an airline holding a Maltese air operator certificate, in a deal valued at $686,000. The transaction gives Icelandair a route to an additional European operating certificate, supporting plans for greater flexibility and future international growth.
The shares were acquired from FPE hs., a fund managed by Isafold Capital Partners. Icelandair and FPE have also entered into a shareholders’ agreement and related financing arrangements, while Icelandair has options to raise its stake later.
Completion remains subject to conditions, including agreement with Maltese aviation authorities on continued use of the certificate. Icelandair expects the investment to have an immaterial near-term financial impact, while it could simplify and streamline operations in Iceland, support development at Keflavik and diversify revenue streams.