Payment is done with shares in Iceland, which means that the current shareholders in Wow Air will become minority shareholders, which will reach a new group of 5.4% of the previous share. The size of the purchase depends on certain conditions.
This is stated in a press release.
Both companies will continue to operate under different brands. Their total market share in the transatlantic aviation market is set at 3.8 per cent.
"Buying creates opportunities that both companies are even better prepared to give international airlines strong competition in the international aviation market, "the message says.
The acquisition requires the approval of the shareholders of the Iceland and Iceland Competition Authority and the due diligence procedure.