Category Archives: Cabo Verde Airlines

Loftleidir Icelandic’s subsidiary acquires majority of shares of Cabo Verde Airlines

Icelandair Group has issued this statement:

The binding offer submitted by Loftleidir Cabo Verde to acquire 51% of the shares of Cabo Verde Airlines has been accepted. The share purchase agreement was signed on Friday, March 1, 2019.

Icelandair Group believes that there are opportunities to build the company up as a strong hub and spoke airline with Cape Verde as a connecting hub between continents. Cabo Verde Airlines will benefit from the experience and knowledge within Icelandair which has a similar business model.

Loftleidir Icelandic, which is a subsidiary of Icelandair Group, holds a 70% stake in Loftleidir Cabo Verde, and other investors 30%.

The acquisition of Cabo Verde Airlines does not have a significant effect on Icelandair Group’s financial statements since Cabo Verde Airlines will not be reflected in the Group’s consolidated financial statements. The share will be classified as an associated company.

Cabo Verde Airlines issued this short statement:

Today marks the beginning of the new Cabo Verde Airlines. This is the result of a long process that took time, dedication and, essentially, reliance from the Cape Verdean Government and investors. We are looking towards the future and in making Cabo Verde a point of connection between continents. Thank you for your trust and come with us in this new journey!

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Icelandair Group submits an offer to buy 51% of Cabo Verde Airlines

TACV-Cabo Verde Airlines Boeing 757-2Q8 D4-CBP (msn 30045) AMS (Ton Jochems). Image: 932908.

Loftleidir Icelandic’s subsidiary has submitted a binding offer for majority shares of Cabo Verde Airlines.

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.

Authorities in Cape Verde and Loftleidir Icelandic have been cooperating for some time. 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 as a promising tourist destination and to build an international hub for connecting flights. Coinciding with the agreement, it was announced that the company was due to be privatised. Cabo Verde Airlines already has operating licenses to fly scheduled flights to Europe and the United States.

 

The purchase price is confidential. However, the acquisition would partly be paid for by the work already completed by Loftleidir Icelandic’s employees. The acquisition is made through a new company, Loftleidir Cabo Verde. Loftleidir Icelandic holds a 70% stake in the company, and other investors 30%. Loftleidir Icelandic’s acquisition of Cabo Verde Airlines does not have significant effect on Icelandair Group’s financial statements since Cabo Verde Airlines will not be reflected in the group’s consolidated financial statements. The share will classified as an associated company.

Árni Hermannsson, Managing Director of Loftleidir Icelandic:

“The participation in the acquisition of a majority share in Cabo Verde Airlines holds great opportunities for Loftleidir Icelandic, especially in light of the expected growth in passenger demand in Africa in the coming years. We have already participated in the restructuring of the company, and Cabo Verde Airlines’ operations are well suited to Loftleidir Icelandic’s projects around the world. The knowledge and experience already available within Loftleidir Icelandic and its sister companies has come to good use in restructuring the company and will continue to assist in further developments. Further opportunities are related to shared use of airplanes from Icelandair Group’s fleet, and crews where applicable, as is already being done in various projects. In developing connecting routes, we can also draw further on Icelandair’s experience. In the case of Cabo Verde Airlines, we have opportunities for well-organized connecting routes between Europe and South America on one hand, and West Africa and North America on the other, along with West Africa and Europe. The island’s location is ideal for developing connecting flights.”

Top Copyright Photo (all others by the airlines): TACV-Cabo Verde Airlines Boeing 757-2Q8 D4-CBP (msn 30045) AMS (Ton Jochems). Image: 932908.

Cabo Verde Airlines aircraft slide show:

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TACV rebrands as Cabo Verde Airlines with a new logo

TACV, the Cape Verdean airline, presented in the city of Praia its new brand image under the designation Cabo Verde Airlines.

With a design signed by the Icelandic agency Íslenska, and with the contribution of some Cape Verdeans, the new image of Cabo Verde Airlines is inspired by the colors of nature, houses, flag and other elements that reflect the islands. This new image reflects the company’s new values ​​and mission, as well as the morabeza, a typical Cape Verdean characteristic.

The brand seeks to be unique, authentic and sophisticated while at the same time showing the Cape Verdean culture that is at the origin of Cabo Verde Airlines. The company wants to be inseparable from the country, being an extension of its traditions and its people, in a family fusion and attractive for those who choose to travel with them. The new image will be applied to wing-to-wing aircraft where passengers can feel more Cape Verdean culture.

The presentation of the new brand image of Cabo Verde Airlines follows the beginning of operations in the HUB on the island of Sal and the reinforcement of activities in the Brazilian market with reinforcement of the routes Recife, Fortaleza and, soon, opening of Salvador da Baia, with connections to Milan, Paris and Lisbon.

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