Flybe expansion continues with 25m purchase of Finnish airline
On the up: the budget airline is expanding
11 April 2012
Loss-making airline Flybe pressed ahead with expansion plans today as it entered in to a joint venture to buy a Finnish airline for 25 million (£22.6 million).
Flybe, which yesterday reported a £4.3 million loss in its maiden annual results, has agreed to buy Finnish Commuter Airlines (FCA), in partnership with Finnair, Finland's flag carrier.
Flybe will take a 60% stake in the joint venture, to be known as Flybe Nordic, while Finnair will hold the remaining 40% stake.
FCA is Finland's largest domestic airline by operations, flying around 900,000 passengers per year in the Finnish domestic, Nordic and Baltic regional markets. It currently has 15 aircraft and an annual turnover of approximately 90 million (£81 million).
