Estonian Air Regional, a subsidiary of the national carrier, has been sold to Fortaero BBAA, a 16-year-veteran in commercial aviation in Russia.
According to Äripäev, Estonian Air CEO Jan Palmér's plan to sell off the local flights subsidiary came to fruition last week.
Fortaero was registered in Estonia late last year and lists, as its directors, Aaron Arkady Raihshtein, Vadim Opryshko and Lyalya Mikhailova.
The company operates in Russia and CIS, offering charter and crewing services, and has offices in Tallinn and Moscow. Estonian Air will be absorbed into the Russian company's business model and will effectively cease to exist.
Palmer says that Estonia is looking to divest holdings in two other companies - its 60 percent stake in travel service provider Amadeus Eesti, co-owned by Amadeus Finland OY; and its 51 percent holding in Eesti Aviokütuse Teenuste AS, the remainder of which is held by BP Global Investments Limited.