Icelandair satisfies conditions for PLAY Europe acquisition
Icelandair announced (19-Oct-2026) it satisfied all conditions precedent to the transaction to acquire a 49% stake in Fly PLAY Europe Holdco (FPE), completing the acquisition. Icelandair now holds a 49% stake in FPE, whose subsidiary PLAY Europe holds a Maltese air operator's certificate. [more - original PR]
Background ✨
Icelandair previously signed an LoI to buy a 49% stake in Malta-registered PLAY Europe, citing access to broader air service agreements and double taxation treaties, plus options to split fleet operations between Iceland and Malta; CEO Bogi Nils Bogason said multi-AOC structures improved flexibility and competitiveness.1 PLAY Europe received a Maltese AOC to support aircraft leasing/ACMI projects outside Iceland, including leasing three aircraft to an Eastern European airline.2 3