Icelandair Group completes acquisition of 49% stake in PLAY Europe
Icelandair Group completed (21-Aug-2026) the acquisition of a 49% stake in PLAY Europe from FPE for USD686,000. PLAY Europe holds a Maltese Air Operator Certificate (AOC). Icelandair CEO Bogi Nils Bogason said: "Acquiring a stake in a Maltese air operator certificate is primarily intended to increase operational flexibility, strengthen Icelandair's competitiveness, and create new opportunities, all with the aim of supporting the continued development of our Keflavik hub". [more - original PR]
Background ✨
Icelandair previously signed an LoI to buy a 49% stake in Malta-registered PLAY Europe, stating it would broaden opportunities such as charter services via wider air service agreements and double taxation treaties, and enable split fleet operations between Iceland and Malta.1 PLAY obtained a Maltese AOC for subsidiary PLAY Europe as part of an Oct-2024 restructuring to support aircraft leasing, with three aircraft earmarked for lease to an Eastern European airline and operated outside Iceland without the PLAY brand.2 3