Finnair (Helsinki) has issued this update on the on-going negotiations with Staffpoint and G.W. Sohlberg to sell a 60 percent share in its subsidiary Nordic Regional Airlines (Norra) (previously Flybe Nordic) (Helsinki). Norra operates 12 ATR 72-500s, two Embraer ERJ 170s and 12 Embraer ERJ 190s for Finnair on domestic and European routes. Here is the update:
Finnair, Staffpoint Holding Ltd (Staffpoint) and G.W. Sohlberg Ltd (GWS) have previously indicated an intention to conclude a transaction whereby 60 percent of the shares in Nordic Regional Airlines AB would be transferred to the ownership of Staffpoint and GWS.
As of March 31, 2015, Finnair has owned 100 percent of the company during an interim permission by the Finnish Competition and Consumer Authority (FCCA). Due to the negotiations being protracted and the interim permission expiring, Finnair has now filed an application with the FCCA to approve the current ownership structure.
However, negotiations on the ownership arrangements of Nordic Regional Airlines AB continue, and Finnair expects the transaction to proceed within the next few months. The delay is due to the need of the parties to assess even more thoroughly the alternative traffic models of regional flying in a constantly developing operating environment.
Nordic Regional Airlines AB owns the entire share stock in its Finnish subsidiary Nordic Regional Airlines Oy (Norra).
Norra operates a fleet of 26 ATR and Embraer planes on Finnair’s domestic and European routes. The company previously operated under the name Flybe Finland Oy.
Above Photo: Norra.
On January 7, 2015, Finnair signed a Memorandum of Understanding (MOU) with Staffpoint and GWS on a transaction whereby Staffpoint and GWS would jointly acquire from Flybe Ltd its 60 percent majority stake in Finnair’s and Flybe Ltd’s joint venture company, Nordic Regional Airlines AB.
While the negotiations continued, Finnair acquired Flybe Ltd’s stake, and Flybe Nordic was thus transferred entirely to Finnair’s ownership on March 31, 2015.
Finnair has issued stock exchange releases on the Norra transactions on November 12, 2014, January 7, 2015, January 29, 2015 and March 31, 2015.
Top Copyright Photo: Paul Bannwarth/AirlinersGallery.com. Finnair (Nordic Regional Airlines-Norra) Embraer ERJ 190-100LR OH-LKH (msn 19000086) prepares to land in Zurich.
Video: A typical turnaround flight in rural Finland.