Iceland’s PLAY plans to close its air operator’s certificate and discontinue its hub-and-spoke network in Reykjavik Keflavik, including its Dublin route, shifting focus to leisure and ACMI operations if a proposed buyout by Einar Örn Ólafsson and Elías Skúli Skúlason is successful.
The executives have raised USD7m and require an additional USD13m to complete the acquisition, offering ISK1 per share, which represents a 24.2pc premium over the June 10, 2025 stock closing price.
If they achieve a 90pc stake, the plan includes delisting the airline from Nasdaq Iceland and scaling down North American flights while focusing on leisure traffic, particularly for the Lithuanian and Polish communities in Iceland.
The new strategy anticipates that ACMI operations will contribute around 40pc of the airline’s revenues by 2026, allowing for positive cash flow and earnings before tax.
The bidders aim to retain Icelandic crews’ wages while downsizing the Icelandic office, moving operations to Malta, where the airline plans to maintain its branding under a new structure as a virtual carrier.
PLAY shared: “By the time the current leases expire, the aircraft will have reached an ideal age for continued lease operations: older but still equipped with fuel-efficient engines compared to alternatives, making them highly attractive to leasing operators. The same Icelandic crews will retain their current wages.”
