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Norwegian Airline to Buy FlyNordic

24 April 2007

Norwegian Air Shuttle ASA on Tuesday announced an agreement to buy Finnair PLC’s subsidiary FlyNordic, a budget airline based in Stockholm, Sweden.

The deal, which is subject to regulatory approval, will be settled with shares and options. Finnair will receive about 5 percent of Norwegian’s shares with the option to increase its stake to 10 percent at 115 kroner (US$19.1, euro14.4) per share through 2008.

This acquisition will strengthen our position in the Nordic region as well as in the European market,” Norwegian chief executive Bjorn Kjos said in a statement.

source: Forbes

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