November 24, 2018

Icelandair subsidiary bids for Cabo Verde Air

Loftleidir Icelandic, a subsidiary of Icelandair Group, will, together with Icelandic investors, submit a binding offer for a 51% of the shares in Cabo Verde Airlines on Cape Verde.

In August 2017, Loftleidir Icelandic signed a management agreement with the Cape Verde government on restructuring Cabo Verde Airlines.

The agreement also aimed to strengthen the international airport in Cape Verde, to develop the islands for tourism and to build an international hub for connecting flights.

Cabo Verde Airlines already has operating licenses to operate scheduled flights to Europe and the US.

The acquisition for an undisclosed price is being made through new company Loftleidir Cabo Verde in which Loftleidir Icelandic holds a 70% stake.