Reykjavik (IFN) Icelandair subsidiary Loftleidir has acquired a 55% stake in Latvian charter airline Latcharter Airlines, Icelandair said on Thursday.
No financial details were disclosed. The deal allows Loftleidir to acquire the remaining shares in the Latvian airline.
Icelandair said in a statement that the acquisition will strengthen Loftleidir Icelandic's position, especially on the European market, and provide it with new Airbus 320 aircraft.
Latcharter Airlines offers charter services to local travel agencies and sells package tours, a position which Loftleidir Icelandic plans to use in future, Loftleidir's chief executive Sigthor Einarsson said.
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