Finnair (AY, Helsinki Vantaa) has confirmed it is now the outright owner of flybe. Nordic (Helsinki Vantaa) following the recent acquisition of flybe. (2002)'s 60% stake in the carrier. Flybe Nordic is the parent firm of Flybe. Finland, a regional European airline which operates a number of flights from Helsinki Vantaa to domestic and European destinations for Finnair on a contract-flying basis.
Having acquired the shareholding for just EUR1 (USD1.09), Finnair says its ownership of Flybe. Nordic is only an interim measure as it is still in negotiations with Finnish firms StaffPoint Holding Ltd and G.W. Sohlberg Ltd. over their proposed purchase of the 60% controlling stake.
“Last November Finnair and Flybe UK decided to discontinue their Flybe Nordic co-operation and agreed, that Flybe UK will sell its 60% ownership in the company to a potential new majority shareholder or Finnair. While the discussions with Staffpoint and GWS still continue, Finnair will now acquire Flybe UK’s share of Flybe Nordic. We hope to sign a new share purchase agreement in the coming months,” Pekka Vauramo, Finnair CEO, said.
Flybe. last November said it could no longer justify its participation in Flybe. Nordic owing to its sustained weak revenue inflows brought on by a declining domestic Finnish passenger market. As such, to ensure Flybe. Nordic can continue with its operations, albeit on a more financially sustainable basis, Finnair says that it is working with its new partners to devise a more viable business model for the carrier.
As part of the change in ownership, effective May 1, Flybe. Nordic flights to Jyväskylä, Kajaani, Kemi/Tornio, Kokkola/Pietarsaari, Mariehamn, Norrköping, Tartu, and Visby will switch to Finnair flight codes.
