Airlines
Icelandair Group Reaches Deal To Acquire Wow Air
Icelandic carriers together control 3.8 percent of transatlantic market
Wow Air's all-Airbus fleet includes 17 A320-family narrowbodies. (Photo: Airbus)
Wow Air's all-Airbus fleet includes 17 A320-family narrowbodies. (Photo: Airbus)

Icelandair Group has entered into a share purchase agreement to take over low-fare compatriot Wow Air in its entirety, the Reykjavik-based flag carrier announced Monday. Still subject to approval by Icelandair Group’s shareholders, the Icelandic competition authorities, and a due diligence review, the deal would grant shareholders of financially troubled Wow Air the equivalent of 5.4 percent of Icelandair’s shares. Under the terms of the deal, the companies will continue to operate under separate brands. The companies’ market share of the transatlantic market totals around 3.8 percent.