Icelandair’s acquisition of WOW Air has fallen through, following an agreement between the airlines that conditions of the share purchase agreement would not be met by Nov. 30.
The cancellation comes following Icelandair issuing of a stock exchange release on Nov. 26, 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’ meeting on Nov. 30.” The airline’s board of directors subsequently declined to recommend the purchase to shareholders, a decision agreed to by both airlines.
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“This conclusion is certainly disappointing,” said Bogi Nils Bogason, Interim President & CEO of Icelandair Group. “We want to thank WOW air‘s 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."
"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,” added Skúli Mogensen, CEO and founder of WOW. “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."