Parvus Asset Management has increased its shareholding in Ryanair Holdings PLC, parent entity of Ryanair (FR, Dublin International), to in excess of 7%, the airline disclosed in a TR-1 filing to the UK's Financial Conduct Authority.

The Irish Times newspaper said the activist hedge fund spent almost EUR230 million euros (USD251.5 million) last week to boost the size of its stake in the budget carrier. The fund's total stake in Ryanair is now worth approximately EUR1.6 billion (USD1.75 billion).

The filing accompanying the transaction was dated March 7 and shows that Parvus raised its shareholding from 6.047% to 7.017%.

Parvus currently holds assets of around USD5.5 billion and has reportedly acquired similarly sized stakes in Ryanair before, only to sell down later. However, the newspaper added that the fund also has a history of using its shareholder muscle to put pressure on boards to alter a company's strategy.

The hedge fund has built up its shareholding in Ryanair via seven equity swaps, which allow a buyer to acquire shares cheaply using leverage. The equity swaps have expiration dates ranging between June 3, 2024, and November 26, 2025.