Icelandair has completed the acquisition of a 49% stake in Fly Play Europe Holdco, gaining access to the Maltese air operator certificate held by the group’s subsidiary, Fly Play Europe Limited. The approximately US$686,000 transaction is intended to give the Icelandic carrier greater operational flexibility and support potential European flying and other future business opportunities, without immediately transferring Icelandair operations to Malta.
The stake was acquired from a fund managed by Ísafold Capital Partners, representing PLAY’s former creditors, following an agreement reached in August. The creditors retain the remaining 51%, while Icelandair has options to increase its ownership at a later stage.
Icelandair bought into the holding company rather than acquiring the AOC directly. Completion followed satisfaction of the conditions precedent, including arrangements with Malta’s aviation authorities concerning continued use of the certificate. The Maltese operation originated in PLAY’s expansion plans and came under creditor control after PLAY ceased operations and its Icelandic parent entered bankruptcy in September 2025.
The investment could allow some future services to operate under a Maltese certificate instead of Icelandair’s Icelandic AOC, potentially supporting European flying, charter activity or other business lines. The timing and scope of any such use remain undecided. Icelandair expects the transaction to have an insignificant effect on its 2026 financial statements, although its longer-term strategic value could be greater.