Ryanair: to take 75% stake in Austrian low fares airline
(CercleFinance.com) - Ryanair has entered into an agreement with former Formula One champion Niki Lauda to acquire 25% of Austrian low fares airline LaudaMotion, hoping to raise its stake to 75%, subject to EU approval.
The Irish airline said it plans to develop and grow LaudaMotion, which has recently acquired many of the assets, including A320 aircraft, of the former Niki Airline.
Ryanair's Michael O'Leary said he was looking forward to supporting a fleet of Airbus aircraft "which is something we have hoped to develop within the Ryanair Group for some years."
The cost of the 75% investment will be less than 50 million euros, Ryanair said, although the company will provide an additional 50 million euros for year 1 start-up and operating costs.
Niki Lauda will chair the airline's board and oversee the implementation of its strategy.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Irish airline said it plans to develop and grow LaudaMotion, which has recently acquired many of the assets, including A320 aircraft, of the former Niki Airline.
Ryanair's Michael O'Leary said he was looking forward to supporting a fleet of Airbus aircraft "which is something we have hoped to develop within the Ryanair Group for some years."
The cost of the 75% investment will be less than 50 million euros, Ryanair said, although the company will provide an additional 50 million euros for year 1 start-up and operating costs.
Niki Lauda will chair the airline's board and oversee the implementation of its strategy.
Copyright (c) 2018 CercleFinance.com. All rights reserved.