Flybe To Exit Nordic JV By End Of 2014

English low-cost carrier Flybe is to sell its shares of Flybe Nordic for €1 ($1.2) to its JV partner Finnair or to a “potential new majority shareholder”.

English low-cost carrier Flybe is to sell its shares of Flybe Nordic for €1 ($1.2) to its JV partner Finnair or to a “potential new majority shareholder”.

According to a statement released by Finnair yesterday (November 12) the partner airlines have not been able “arrive at a common view to resolve profitability issues” at Flybe Nordic’s subsidiary Flybe Finnair – which is in charge of Finnair’s regional operations – and so are ending the partnership.

“The financial performance of our JV has not developed according to the expectations of its shareholders,” confirmed Pekka Vauramo, Finnair CEO.

“Finnair aims to find a new majority shareholder and a business model that would enable the development of regional flying in a financially sustainable way.”

Flybe is expected to dispose of its 60 per cent share of Flybe Nordic by the end of the year.  

TAGS: Europe
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