Icelandair has completed its acquisition of a 49% stake in Fly Play Europe Holdco ehf., the holding company linked to PLAY’s former Maltese operation. The transaction closed on 19 October after all conditions were fulfilled. Its subsidiary, Fly Play Europe Limited, holds a Maltese air operator certificate, potentially giving Icelandair greater flexibility to operate selected flights under Malta’s certificate rather than its Icelandic AOC.
Icelandair agreed the transaction on 20 August and reportedly paid USD 686,000 for the stake. The remaining 51% is held by a fund representing PLAY’s former creditors, which took control of the Maltese business after PLAY’s collapse.
The investment is in Fly Play Europe Holdco, not directly in the Maltese AOC holder. Fly Play Europe Limited therefore remains responsible to Transport Malta, the country’s aviation regulator. Icelandair has not indicated that flights have already transferred to, or are currently operating under, the Maltese certificate.
The agreement includes shareholder arrangements, financing provisions and options that could allow Icelandair to increase its ownership later. The structure is intended to create operational and efficiency opportunities, although several commercial details remain undisclosed.