Nordic Business Report-July 5, 2006-Icelandair Group acquires 55% of Latvian charter airline Latcharter Airlines
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Icelandic airline company Icelandair Group said on Wednesday (5 July) that its charter subsidiary Loftleidir Icelandic has acquired a 55% majority stake in the Latvian charter airline Latcharter Airlines.
The purchase price was not disclosed.
Loftleidir Icelandic has also agreed to acquire the outstanding shares at a later date.
Latcharter Airlines carried 100,000 passengers last year. The airline has 87 employees and reported a turnover of EUR17m in 2005.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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