Einar Örn Ólafsson, CEO of Fly Play hf., and Elías Skúli Skúlason, Vice Chairman of the board, have announced their intention to submit a voluntary takeover offer for all shares in the Icelandic low-cost carrier. The announcement was made a formal statement to the Nasdaq stock exchange.
According to the statement, the Offeror intends to build on PLAY’s expected Q3 2024 pivot toward the leisure travel segment and leased aircraft operations. Should the takeover be successful, a comprehensive restructuring of the airline’s business model and route network is planned.
Key among the proposed changes is the discontinuation of all North American routes from October 2025, effectively dismantling PLAY’s current hub-and-spoke model centered around Keflavík International Airport serving Baltimore, Boston and New York Stewart. The transatlantic routes have been a cornerstone of PLAY’s strategy since its inception, but are now slated to be phased out in favor of new business model. Notably, PLAY’s service between Keflavík and Dublin will be terminated on October 6, 2025.
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