Icelandair Group agrees price for share in former rival Play’s Maltese AOC holder

Icelandair Group has finalized a purchase agreement for a 49% stake in Play Europe, the Maltese division of its former budget airline competitor, Play. The deal secures $686,000 and is based upon an earlier tentative pact established this year. This acquisition aims to grant Icelandair Group operational flexibility to ‘streamline’ their overall business processes. Access to Play Europe's Air Operator Certificate (AOC), held in Malta, will be included within the transaction. Analysts believe that this move represents a strategic step by Icelandair Group as they continue to adapt to evolving market conditions.