- Icelandair has purchased a 49pc stake in PLAY Europe’s Maltese AOC for USD686,000 with an option to increase ownership
- The transaction follows April 2026 talks and requires regulatory approval from Maltese aviation authorities
- PLAY Europe’s AOC #MT-85 remains suspended with no aircraft registered to the Maltese unit
- Icelandair operates 39 aircraft across multiple types including B737s, B757s, B767s and DHC-8s
- The acquisition aims to increase operational flexibility and support Keflavik hub development
Icelandair has finalised an agreement to acquire a 49pc stake in PLAY Europe’s Maltese Air Operator Certificate, the flag carrier has confirmed in an official press release. The transaction, which follows initial talks confirmed in April 2026, includes an option for Icelandair to increase its ownership position at a future date. The deal has been structured through the purchase of shares in Fly Play Europe Holdco ehf from a fund managed by Isafold Capital Partners hf.
The acquisition has been valued at USD686,000, with the transaction remaining subject to regulatory approval from Maltese aviation authorities. Transport Malta’s publicly available data shows that PLAY Europe’s AOC, numbered MT-85, currently remains in a suspended state, with no aircraft registered to the Maltese unit. Icelandair’s existing fleet comprises 39 aircraft across multiple types, including A320-200s, A321-200NX(LR)s, B737-8s, B737-9s, B757-200s, B767-300ERs, and B767-300ER(BCF)s, alongside DHC-8-Q200s and DHC-8-Q400s operated through subsidiary Flugfélag Íslands.
Icelandair CEO Bogi Nils Bogason has confirmed that the primary intention behind acquiring the Maltese AOC stake involves increasing operational flexibility and strengthening the company’s competitive position. The move supports the continued development of the Keflavik hub and aims to safeguard employment within Iceland’s aviation sector. Regulatory approval processes will determine the timeline for activating the suspended AOC and realising the strategic benefits outlined by the carrier.
Bogi Nils Bogason shared “Acquiring a stake in a Maltese air operator certificate is primarily intended to increase operational flexibility, strengthen Icelandair’s competitiveness, and create new opportunities, all with the aim of supporting the continued development of our Keflavik hub and thereby safeguarding jobs and a strong operating environment for the aviation industry in Iceland for the years to come”
