Icelandair closes 49% stake purchase in Fly Play Europe to gain Maltese AOC
Icelandair Group has completed the acquisition of a 49% holding in Fly Play Europe HoldCo, giving it access to an additional air operator certificate held by a Maltese subsidiary. The group said the deal's impact on its 2026 accounts will be negligible.
Icelandair Group has bought a 49% stake in Fly Play Europe HoldCo, a move to secure an additional air operator certificate through the company's Maltese subsidiary.
The deal was valued at USD 686,000 (EUR 586,000) and agreed with Fly Play Europe, a fund managed by Isafold Capital Partners. The two sides also signed a shareholder agreement setting out regulatory conditions for financing and preferential options that would let Icelandair raise its shareholding later.
Icelandair said the accounting effect will be "insignificant" for its 2026 financial statements and balance sheet. It called the deal a strategic platform of long-term value.
The certificate was granted to Fly Play Europe Limited in Malta. Icelandair's stated goals for the integration are greater operational flexibility in the European market, a smoother internal operation in Iceland and new business lines outside its traditional structure.
Chief executive Bogi Nils Bogason said the additional certificate supports continued development of the group's hub at Keflavik. The source did not carry his remarks in full.
Sources
- aviacionaldia.comIcelandair completa la compra del 49% de Fly Play Europe para incorporar un Certificado de Operador Aéreo en Malta