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Icelandair buys Travel Service

15 May 2007

Icelandic airline Icelandair Group said last week that it had signed a letter of intent to buy Czech charter and airline operator Travel Service for an undisclosed amount.

The acquisition, expected to be completed next month, will push Icelandair’s expected 2007 turnover to more than $1 billion (Kč 20.9 billion), up 30 percent from 2006. Travel Service, which operates low-cost airline Smartwings and has turnover of € 190 million and passenger numbers of 1.8 million, had been in talks last year about a tie-up with state airline Czech Airlines (ÄŒSA).


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