Icelandair Group acquires 49% stake in Fly Play Europe

Icelandair Group has acquired a 49% stake in Fly Play Europe (FPE) for approximately $686,000 (586,000 euros). The acquisition was conducted through an agreement with FPE, a fund managed by Isafold Capital Partners.

The strategic move is intended to provide Icelandair with an additional Maltese air operator certificate (AOC). This is expected to increase operational flexibility, optimize Icelandic operations, and create new business opportunities. CEO Bogi Nils Bogason stated that the additional certificate aims to support the continued development of the Keflavik operations hub and safeguard jobs.

The transaction is subject to approval from Maltese aviation authorities regarding the continuity of the company's AOC. Icelandair expects the impact on its 2026 financial results and balance sheet to be insignificant, viewing it as a long-term strategic opportunity.