German-run private equity firm 4K Invest has completed its acquisition of a controlling stake in Slovenian carrier Adria Airways (Ljubljana) through its AA International Aviation Holding GmbH company.

In a statement, the Slovenian Sovereign Holding (SSH) said AAIAH had acquired 6,343,743 shares in Adria Airways (or 83.01%) from SSH, the Republic of Slovenia (RS), and the Bank Assets Management Company (BAMC) on the basis of the Share Purchase and Sale Agreement signed in January this year. As such, inclusive of the shares awarded to 4K Invest during the capital increase of March 8, the firm now holds an equity stake of 96.09% in Adria Airways.

In the coming days, the firm intends to approach the carrier's few outstanding shareholders concerning the remaining 4% stake which, once acquired, would allow it total control of the airline.

As part of the acquisition, 4K Invest has appointed Dr. Arno Schuster to Adria's board alongside Markus Zöllner, Holger Kowarsch , Martin Vorderwülbecke and Steve Röper.

"We are satisfied that a demanding sale process has come to a successful closure, and prior to its sale, have enabled the company to stabilise its operation and to provide grounds to undergo restructuring with the new buyer and, at the same time, to maintain the Slovenian national air carrier in the future," Marko Jazbec, the President of the Board of SSH, said. "This will provide for numerous long-term positive effects on the budget, the Slovenian economy and will positively affect all the stakeholders of the company."

4K has dropped few hints as to its plans for Adria only to note that more Bombardier Aerospace (BBA, Montréal Trudeau) twinjets will be added to the fleet in the coming months to help bolster Adria's Estonian operations where it supports Nordica (ND, Tallinn Lennart Meri).