Finnair (AY, Helsinki Vantaa) has announced it will shortly assume full shareholder control of NoRRA Nordic Regional Airlines (N7, Helsinki Vantaa) while it seeks a new equity partner for its regional affiliate.
As the successor to flybe. Nordic (Helsinki Vantaa), a joint-venture between Finnair and flybe. (2002), NoRRA was formed in 2015 as a 40/45/15 tripartite partnership between Finnair, StaffPoint holding, and Kilco, an investment company owned by the family of StaffPoint CEO Mika Kiljunen and which is a co-owner of StaffPoint.
However, in a filing to the Helsinki Stock Exchange on Wednesday, October 11, Finnair said it would now acquire the 60% stake in NoRRA it does not own following StaffPoint and KilcoStaw's decision to withdraw from the airline.
"Following the changes in StaffPoint’s ownership base disclosed on October 5, 2017, StaffPoint and Kilco have decided to withdraw from the ownership of Norra," it said. "Finnair aims to find a new majority owner for NoRRA."
Finnair COO Jaakko Schildt said his carrier would assume full ownership to NoRRA on an interim basis while a new equity investor is sought.
"Recent years have shown that the partnership model can be successful in domestic and regional purchase traffic," he said. "Our aim is to find a new, industrial partner to develop NoRRA’s business further with us."
NoRRA currently operates twelve ATR72-500s and twelve E190s for and on behalf of Finnair on domestic Finnish and regional European routes.
