- Icelandair signed an LOI to acquire a 49pc stake in Fly Play Europe.
- The deal would provide a second AOC alongside the Icelandic certificate.
- It enables improved charter, leisure and ACMI services.
- Finalisation depends on due diligence, creditor agreements and regulatory approvals.
- The acquisition would split fleet operations between the two certificates.
Icelandair has signed a Letter of Intent to acquire a 49pc stake in Malta-registered Fly Play Europe, utilising its active Air Operator Certificate to boost operational flexibility. The move would provide Icelandair with a second AOC alongside its traditional Icelandic certificate, enabling improved European charter, leisure and ACMI services without third-country restrictions. Operations would be split between core network routes out of Iceland and other aircraft configurations through Malta.
Finalisation remains dependent on completing corporate reviews and reaching an agreement with secured creditors and the trustee tied to the bankruptcy estate of defunct parent company Fly Play hf. Standard regulatory approvals from applicable civil aviation authorities are required. The deal would separate fleet operations between the two certificates.
