airBaltic (BT, Riga) has contracted Bermuda-based financial advisory and asset management firm Lazard Freres to assist it in its search for a suitable strategic partner.
The Latvian government last year sold German investor Ralf Dieter Montag-Girmes a 20% stake in the carrier for EUR52 million in a bid to shore up its finances and operations while it sought out a more permanent solution to the carrier's long term sustainability problems. As such, the Transport Ministry was tasked with finding a large-scale strategic investor for the airline by the end of 2017.
According to the LETA news agency, government's conditions include the retention of Riga as airBaltic's hub while passenger levels must be kept at 2016 levels at the very least. Additionally, the state wants to retain control over the most important strategic decisions affecting the airline.
As part of its Horizon 2021 strategic plan, airBaltic will operate a fleet of twenty A220-300s and twelve Dash 8-400s. It plans to dramatically expand its route network to include more destinations in Southern Europe, Central Asia, Scandinavia, and the Middle East.
