Iceland airline in share bid for SATA
The Icelandic airline Loftleoir, part of the Icelandair group, has made an acquisition bid for 49% of Azores airline SATA International.
SATA states in a communiqué that the “proposal will be studied carefully by SATA Air Açores.”
In April, Loftleoir Icelandic went through to the second phase for the negotiation process for the sale of 49% of Azores Airlines share capital. Last month, the Icelandic airline requested a further 30 days to prepare and present a binding offer.
According to SATA’s regulations on share capital sale, the future shareholder in Azores Airlines will have to “mandatorily respect” the fleet renewal programme which began with the introduction of the A321 NEO aircraft.
The candidate must also meet minimum regular airline operations meaning the liberalised routes between Ponta Delgada and Lisbon, Ponta Delgada and Porto, Terceira and Lisbon and Terceira and Porto.
The purchaser must also guarantee obligatory public service links between Lisbon and Horta, Lisbon and Pico, Lisbon and Santa Maria and Ponta Delgado and Funchal as well as links between Ponta Delgada and Frankfurt and Terceira and Ponta Delgada with Boston and Oakland in the United States and Toronto in Canada.
The buyer should also maintain the company’s identity and autonomy, its brand and company name among other identification marks as well as ensuring a percentage of local employment.