Norwegian Airline to Buy FlyNordic
24 April 2007Norwegian 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
