Nordica granted permission to hand over holding in subsidiary to LOT ({{commentsTotal}})

A Bombardier CRJ900 regional jet in Nordica livery.
A Bombardier CRJ900 regional jet in Nordica livery. Source: (Nordica)

Nordic Aviation Group, the Estonian state-owned airline operating under the Nordica brand since spring 2016, has been granted permission from Estonia's Competition Authority to hand over 49 percent of the shares in the operator of aircraft and air operator's certificates Regional Jet to its strategic partner LOT.

The parties filed a notice of consolidation on Dec. 30, according to which Nordic Aviation Group and Polish carrier Polskie Linie Lotnicze LOT S.A. wish to jointly acquire control over the Estonian company Regional Jet OÜ. Regional Jet is a fully-owned subsidiary of Nordic Aviation Group.

The transaction will not have an impact on the holding structures of Nordic Aviation or LOT and both will remain independent companies following the transaction.

Nordica announced at the beginning of November that its year-long cooperation with Slovenia's Adria Airways was coming to an end and it was set to enter into a strategic partnership with LOT Polish Airlines, using the latter's commercial platform, ticketing system and airline code.

The carrier said at the time that it planned to increase the fleet of its subsidiary Regional Jet by three planes in 2017 and to 20-25 planes by 2020 in cooperation with its new partner. As part of their strategic cooperation, LOT will acquire 49 percent of shares in Regional Jet.

Polish state-owned carrier LOT operates on average 200 flights to 60 destinations on four continents daily, carrying approximately five million passengers per year.

Editor: Editor: Aili Vahtla

Source: BNS



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