Bain Capital is set to acquire 16.6% stake in Icelandair Group.

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HS-TQE

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A new partner for VA in the future, perhaps? ;)


Investment firm Bain Capital is to take a 16.6% share in Icelandair Group, through the IcKr8.1 billion ($66 million) acquisition of new shares in the company.

Bain Capital has entered a binding agreement to subscribe to 5.66 billion new shares.

Its acquisition is conditional upon shareholders agreeing to the transaction and waiving their pre-emptive rights to the new shares.

Icelandair Group shareholders will meet on 23 July to vote on the investment proposal.

“We are pleased to have a leading global investor with deep industry knowledge recognise our efforts and commitment to secure Icelandair’s bright future,” says chief executive Bogi Nils Bogason.

Bain Capital would also place a representative on the board of directors. One of the board members, Ulfar Steindorsson, will step down if the transaction is approved.
 
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I once saw an Icelandair jet at Port Moresby airport. :oops:

... turns out that they have, or had, a decent leased fleet.
 
Will VA2 and Iceland airlines join star alliance :)
Maybe Bain should 'buy' the Star Alliance and rename it the Bain Alliance :)

Because why not with their recent aviation activities involving aircraft leasing firms, Virgin Atlantic and now Icelandair ;)
 
I did not know he is a board member of Icelandair, as reported here:
 
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