Icelandair has just announced that it has purchased all shares of WOW air.
According to a release, both companies will continue to operate under separate brands. The acquisition creates an opportunity for both companies to become even better prepared to provide international carriers with strong competition in the international airline market.
“WOW air has in recent years built a strong brand and enjoyed great success in the company‘s markets to and from Iceland and across the Atlantic,” Bogi Nils Bogason, Interim President & CEO, Icelandair Group.
“There are many opportunities for synergies with the two companies but they will continue to operate under their own brands and operating approvals. The tourism industry is one of the cornerstones of the Icelandic economy and it is important that flights to and from Iceland will remain frequent.”
Meanwhile, CEO and founder of WOW air, Skúli Mogensen said that he is very proud of the success and development that WOW Air has enjoyed over the past years.
“A new chapter now starts where WOW air gets an opportunity to grow and prosper with a strong backer like Icelandair Group that will strengthen the foundations of the company and strengthen its international competitiveness even further,” he said.
WOW air has been operating out of Toronto and Montreal over the past few years, and recently announced Vancouver as its next Canadian destination.
WOW air is a low-fare, long-haul airline based in Iceland. The airline was founded in November 2011 and serves 36 destinations across Europe, North America, and Asia.