newstodate.aero

Nov 29, 2022 (newstodate): Will Loftleidir, member of the Icelandair Group, still have a taste for investing in Atlantic airline ventures?
   At least Loftleidir may have a second chance for taking a stake in Azores Airlines that will be put on a tender in January 2023 as its current owner, the Portuguese group SATA, is to sell off its stake to rein in on its own financial troubles.
   In April 2018, Loftleidir emerged as the sole qualified potential buyer for a 49 percent stake in Azores Airlines and was thus pre-qualified to participate in the coming tender for ownership in the Portuguese carrier.
   However, the tender process for Azores Airline was abruptly annulled with immediate effect in November 2018, and differing information on the status of the offer by Loftleidir was circulating.
   In another corner of the sea, Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde inked a management agreement in 2017 on the restructuring of the loss-making TACV Cabo Verde Airlines, and in March 2019, Loftleidir Cabo Verde, owned 70 percent by Loftleidir Icelandic ehf, and 30 percent by Icelandic investors, acquired 51 percent of Cabo Verde Airlines.
   However, the business venture ended in hostility, disagreement, and the arrest of Icelandair aircraft on lease to Cabo Verde Airlines, while the Cabo Verde government re-nationalized the carrier.
   Probably serving as a warning to Loftleidir against stretching its global business engagement too far..