Icelandair, the country’s largest airline, has completed its purchase of a 49% stake in Fly Play Europe, a company created to support PLAY’s European operations and which holds a Maltese air operator certificate. The deal, first reported by RÚV, was finalised after all agreed conditions were met and regulatory approval was secured.
Icelandair notified the stock exchange that all requirements for the acquisition had been satisfied, and confirmed that its holding is now formally part of Icelandair’s assets. The purchase had initially been announced in August.
Fly Play Europe holds a Maltese air operator certificate, which Malta’s aviation authorities have now approved for continued use, allowing the company to operate European flights under Maltese registration. The corporate structure of the acquisition involves Fly Play Europe Holdco and its subsidiary Fly Play Europe Limited, which directly holds the certificate.
Fly Play Europe was created to support PLAY’s European operations. PLAY, originally branded WAB air and rebranded in November 2019, was a low‑cost airline based in Reykjavík that flew Airbus A320neo aircraft. It ceased operations in September 2025. Icelandair now adds the Malta-based asset to its portfolio as part of its transatlantic strategy.
Sources
Links: tilkynningu
- RÚV (first reported) in Icelandic
- Viðskiptablaðið in Icelandic
- mbl.is in Icelandic
- Vísir in Icelandic
- RÚV English
