newstodate.aero
Sep 09, 2010 (newstodate): If ever there was a battle over the Finnish commuter airline, Finncomm, it has at least now come to an end.
While the Latvian carrier airBaltic vented its interest in acquiring a stake in the carrier to boost its own presence in the Finnish market, Finncomm's traditional partner, Finnair has now become new owner.
Finnair and Finncomm have signed a preliminary agreement, firstly on the purchase of a 20 percent minority interest in Finnish Commuter Airlines Oy that provides Finncomm's air traffic operations, and secondly on the acquisition of the entire share stock of the companies that own the Finncomm Group's four ATR 42 and eight ATR 72 aircraft.
It is also the parties' intention to find, in addition to Finnair, external investors in Finncomm Commuter Airlines.
Pending the fulfillment of a number of conditions, such as the result of a due diligence, the approval of Finnair's Board of Directors and Finncomm's shareholders, financing and security arrangements, and granting of the required official permits, Finnair assumes that the possible transaction will be finalised and completed before the end of this year.
-The realisation of the transaction is therefore not yet certain, states Finnair cautiously in its release on the issue.
While the Latvian carrier airBaltic vented its interest in acquiring a stake in the carrier to boost its own presence in the Finnish market, Finncomm's traditional partner, Finnair has now become new owner.
Finnair and Finncomm have signed a preliminary agreement, firstly on the purchase of a 20 percent minority interest in Finnish Commuter Airlines Oy that provides Finncomm's air traffic operations, and secondly on the acquisition of the entire share stock of the companies that own the Finncomm Group's four ATR 42 and eight ATR 72 aircraft.
It is also the parties' intention to find, in addition to Finnair, external investors in Finncomm Commuter Airlines.
Pending the fulfillment of a number of conditions, such as the result of a due diligence, the approval of Finnair's Board of Directors and Finncomm's shareholders, financing and security arrangements, and granting of the required official permits, Finnair assumes that the possible transaction will be finalised and completed before the end of this year.
-The realisation of the transaction is therefore not yet certain, states Finnair cautiously in its release on the issue.