The acquisition of Icelandair Group of Wow air has been cancelled. Both parties agree on this outcome according to statement issued this Thursday morning.
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’ meeting on November 30th. That situation remains unchanged. „Due to this this situation, both parties agree to abandon the aforementioned purchase agreement,“ the statements reads.
„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‘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,“ says Bogi Nils Bogason, Interim President & CEO of Icelandair Group.
Skúli Mogensen, CEO and Founder of 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. 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.“