Ryanair looks to buy Cyprus Airways
Ryanair boss Michael O’Leary is believed to be planning to turn Cyprus into a new eastern Mediterranean hub by acquiring loss-making government-owned Cyprus Airways.
O’Leary flew to Cyprus last week to submit a take-over proposal that he said would put Cyprus Airways and the island’s tourism sector ‘back on a path of a very much renewed and rapid growth’.
Cyprus Airways, which will pull out of Heathrow next month, has seen its traffic fall from around three million passengers a year to just 600,000.
The Cypriot government, which owns 94% of the airline, has already given it €100 million in state aid.
O’Leary said that under the terms of a takeover agreement, the Cyprus Airways brand would have to be retained. The carrier operates just six aircraft.
Ryanair has only ever bought one other airline, the low-cost carrier Buzz.
Bidders for Cyprus Airways have until the end of next week to provide a non-binding proposal for acquiring the airline. Those proposals will be examined by September 30, when a short-list will be drafted.
Other bidders are understood to include Lebanese airline MEA, Israel’s Arkia and Romanian carrier Blue Air.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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