British airline Flybe Group PLC has agreed on an ownership reshuffle of Flybe Nordic, whereby the British owner will sell its 60 percent share for the price of one euro to the new majority owner, Finnair. Flybe said it will relinquish its shares in Flybe Nordic AB in a deal that will take place before the end of the year.
The sale is still subject to approval by Finland’s competition authorities.
Flybe Nordic AB owns 100 percent of the Flybe Finland subsidiary and the total share capital of the corresponding regional aviation operations.
Finnair and Flybe began their cooperation in 2011 by founding Flybe Nordic. Until now, Flybe owned 60 percent of the shares in the joint venture and Finnair owned 40.
Flybe currently holds the largest share of the domestic airline market in Finland.
No changes in personnel, routes or reserved tickets are expected for the time being. Finnair is seeking out a new operator to carry out the regional operations, and may decide to take over the flights itself.
Flybe currently flies between Finland’s domestic destinations of Helsinki and Jyväskylä, Kajaani, Kemi-Tornio, Kokkola and Mariehamn on the Åland Islands.