Flugleidir Icelandair buys Bluebird Cargo
The Flugleidir Icelandair group has agreed to purchase the Icelandic cargo airline Bluebird Cargo and associated freight forwarding company Flugflutningar for a combined price of ISK 3.8 billion ($60 million).
On top of the purchase price the Flugleidir will take on debt obligations for aircraft worth ISK 1.4 billion ($22 million). The purchase agreement is signed on the condition of the approval of Icelandic competition authorities and a positive result of the due diligence process.
“This transaction is in line with the Flugleidir Icelandair’s group strategy to grow on the international cargo and charter market,” said Hannes Smarason, chairman of the Flugleidir Icelandair group.