{"id":3112,"date":"2018-11-30T07:52:39","date_gmt":"2018-11-30T13:52:39","guid":{"rendered":"http:\/\/planesintheair.com\/?p=3112"},"modified":"2018-11-30T08:41:17","modified_gmt":"2018-11-30T14:41:17","slug":"icelandair-groups-acquisition-of-wow-air-cancelled","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=3112","title":{"rendered":"Icelandair Group’s Acquisition Of Wow Air Cancelled"},"content":{"rendered":"

Icelandair has released the following statement regarding the mutual decision to cancel Icelandair’s takeover of Wow Air:<\/span><\/p>\n

\n

The acquisition of Icelandair Group of Wow air, based on a purchase agreement signed on November 5th, has been cancelled. Both parties agree on this outcome.<\/span><\/div>\n<\/div>\n

Icelandair Group hf. issued a stock exchange release last Monday, November 26th, stating that the company estimated that it would be unlikely that all of the conditions in the share purchase agreement would be fulfilled by the shareholders\u2019 meeting on November 30th. That situation remains unchanged.\u00a0<\/span>
\nTherefore, it is unlikely that the Board of Directors of Icelandair Group can recommend to the shareholders that they agree to the purchase agreement. Furthermore, the Board does not intend to submit to the shareholders\u2019 meeting a proposal to postpone decision-making on the purchase agreement.<\/span><\/p>\n

Due to this this situation, both parties agree to abandon the aforementioned purchase agreement.<\/span>
\nIcelandair Group will hold its shareholders\u2019 meeting on Friday, November 30, as previously announced. An authorisation proposal for the Board to increase the share capital of Icelandair Group is on the agenda of the shareholders\u2019 meeting.<\/span><\/p>\n

Bogi Nils Bogason, Interim President & CEO of Icelandair Group:<\/span>
\n“The planned acquisition of Icelandair Group of Wow air will not go through. The Board of Directors and management of both companies have worked on this project in earnest. This conclusion is certainly disappointing. We want to thank WOW air\u2018s management for a good cooperation in the project during recent weeks . All our best wishes go out to the owners and staff of the Wow air. “<\/span><\/p>\n

Sk\u00fali Mogensen, CEO and Founder of Wow air:<\/span>
\n“It was clear at the outset that it was an ambitious task to complete all the conditions of the share purchase agreement in this short period. We thank the Icelandair Group’s management team for this challenging project, and also wish the management and staff of Icelandair Group all the best.”<\/span><\/p>\n

Further information:<\/span>
\nBogi Nils Bogason, Interim President & CEO<\/span>
\nbogi@icelandairgrop.is<\/u><\/a>\u00a0<\/span><\/p>\n

Following the news of the cancelled deal, it has been reported that budget airline roup Indigo Partners has agreed to buy a stake in the struggling discount carrier.<\/span><\/p>\n

Click the link below for the full Indigo Partners-Wow Air story!<\/span><\/p>\n

Indigo Partners invests in Wow Air<\/a><\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition of Icelandair Group of Wow air, based on a purchase agreement signed on November 5th, has been cancelled. Both parties agree on this outcome. Icelandair Group hf. issued a stock exchange release last Monday, November 26th, stating that the company estimated that it would be unlikely that all of the conditions in the share purchase agreement would be fulfilled by the shareholders\u2019 meeting on November 30th. That situation remains unchanged. Therefore, it is unlikely that the Board of Directors of Icelandair Group can recommend to the shareholders that they agree to the purchase agreement.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[798,797,89,868,1103],"tags":[1697,47,118,2555,2551,2549,2545,1925,1024,2554,2553,1767,1269,2552,212,745,2558,943,134,710,1898,2556,1415,2548,883,2550,1090,1022,2096,942,2547,2268,2267,466,2546,2557,2064,1765],"class_list":["post-3112","post","type-post","status-publish","format-standard","hentry","category-airbus-news","category-airline-news","category-aviation-news","category-transportation-news","category-travel-news","tag-agreement","tag-airbus","tag-airlines","tag-bill-franke","tag-bogason","tag-bogi","tag-cancel","tag-carrier","tag-ceo","tag-discount","tag-equity","tag-europe","tag-firm","tag-founder","tag-frontier-airlines","tag-group","tag-hungary","tag-iceland","tag-icelandair","tag-indigo","tag-jets","tag-jetsmart","tag-latin-america","tag-meeting","tag-mexico","tag-nils","tag-partners","tag-private","tag-purchase","tag-reykjavik","tag-share","tag-shareholder","tag-skuli-mogensen","tag-spirit-airlines","tag-takeover","tag-volaris","tag-wizz-air","tag-wow-air"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3112"}],"version-history":[{"count":4,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3112\/revisions"}],"predecessor-version":[{"id":3117,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3112\/revisions\/3117"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}