Icelandic group acquires majority of Astraeus
A majority shareholding in independent UK airline Astraeus has been acquired by an Icelandic investment company.
Fons Eignarhaldafelag has a number of aviation interests including budget carrier Iceland Express.
Fons has taken 51% of Astraeus for £5 million, with the remainder being held by the airline’s management led by managing director Hugh Parry and private equity provider Aberdeen Asset Management.
Gatwick-based Astraeus operates four Boeing 757s and two 737s and employs 370 staff.
Parry said: “The strong financial backing from Fons will enale us to drive an unprecedented programme of development to extend Astraeus’ route network into new markets.
“It will also allow us to benefit from economies of scale in purchasing, flight operations and technical areas by working with other airlines under Fons’ ownership.”
Fons chairman Palmi Haraldson said: “Its focus on niche routes ignored by other airlines is paying dividends, and with additional financial support, the potential for expansion is huge.”
Report by Phil Davies
Phil Davies
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