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Discussione: Icelandair rinuncia all'acquisizione di WOW Air che si avvicina alla bancarotta

  1. #1
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    Predefinito Icelandair rinuncia all'acquisizione di WOW Air che si avvicina alla bancarotta

    Icelandair si compra Wow Air e continueranno (al momento) ad operare come brand separati e distinti.

    Press release di Icelandair Group:
    Icelandair Group acquires Wow air

    Icelandair Group has entered into a share purchase agreement to purchase all shares in the airline WOW air. The acquisition is subject to, approval by Icelandair Group‘s shareholders, the approval of the Icelandic competition authorities and a due diligence. As consideration for the shares, the shareholders of WOW air will, subject to conditions, receive a total of 272.341.867 shares or the equivalent of 5.4% of Icelandair Group‘s shares after the transaction. Thereof, 178.066.520 shares or 3.5% of the shares as consideration for the sold shares. The consideration can increase to 4.8% or decrease to 0.0% in accordance with certain conditions set forth in the share purchase agreement. 94.275.347 shares or 1.8% of the shares will be paid due to conversion of a subordinated loan into equity. All of sellers’ shares in Icelandair Group will be subject to restrictive covenants for 6 months and half of the shares will be subject to restrictive covenants to further six months.
    The companies will continue to operate under separate brands. Their combined market share on the transatlantic market is around 3.8%. The acquisition creates opportunity for both companies to become even better prepared to provide international carriers with strong competition in the international airline market.

    Bogi Nils Bogason, Interim President & CEO, Icelandair Group: „WOW air has in recent years built a strong brand and enjoyed great success in the company‘s markets to and from Iceland and across the Atlantic.. There are many opportunities for synergies with the two companies but they will continue to operate under their own brands and operating approvals. The tourism industry is one of the cornerstones of the Icelandic economy and it is important that flights to and from Iceland will remain frequent.“

    Skúli Mogensen,
    CEO and founder of WOW air: „I am very proud of the success and development that we at WOW Air have enjoyed in the past few years and I am thankful for the response we have received since our very first flight. We have created a strong team that has reached remarkable success and has been a pioneer in low cost flights across the North-Atlantic. A new chapter now starts where WOW air gets an opportunity to grow and prosper with a strong backer like Icelandair Group that will strengthen the foundations of the company and strengthen its international competitiveness even further.“

    In the upcoming days, Icelandair Group‘s will convene a shareholders‘ meeting where Icelandair Group‘s shareholders will cast their vote on the acquisition. A shareholders’ meeting shall be convened with at least three weeks‘ notice.
    For further information please contact:
    Bogi Nils Bogason, Interim President and CEO
    bogi@icelandairgroup.is


  2. #2
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    Predefinito Re: Wow Air ci prova : Londra - US a partire da 99£ OW

    Sono curioso di vedere se il risultato finale si avvicina di piu' a WOW Air o Icelandair. In altre parole, che fine fara' la business class di Icelandair (al momento presente su tutt i voli)

  3. #3
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    Predefinito Re: Wow Air ci prova : Londra - US a partire da 99£ OW

    Icelandair-Wow merger follows turbulent months for both

    Icelandair Group’s agreement to take over rival Wow Air has emerged during a period of financial turbulence for both carriers.
    The combination of the two airlines would bring together two operators which have notably been engaged in a head-to-head battle on transatlantic routes in recent months.
    But the tie-up would also place all-Airbus operator Wow Air under the umbrella of a group whose main operator, Icelandair, is an all-Boeing carrier.
    Both have been undergoing fleet modernisation with the respective airframers’ new re-engined types, the Airbus A320neo and A330neo, and the Boeing 737 Max.
    Wow Air has been exploring a strengthening of its balance sheet in order to expand, and had envisioned a public offering to raise funds.
    The airline last year made an operating loss last year, partly attributable to higher fuel costs.
    Icelandair remained profitable in 2017 but its performance was substantially weaker than the previous year.
    The carrier has been trying to rectify a strategic miscalculation centred on transatlantic capacity which, it says, has contributed to poor financial results this year and forced it to issue profit warnings, as well as admit to breaches of covenants with bondholders.
    Icelandair and Wow Air have each been competing for transatlantic traffic flying via Reykjavik, to the point where the two operators have been opening links to the same North American destinations, including New York JFK, Dallas and Cleveland.
    The two also compete on routes to other cities including Boston, Chicago and San Francisco, and Wow has newly disclosed plans to operate to Vancouver, another Icelandair destination.
    Wow Air has lately been retreating from its aggressive network growth, however, recently axing newly-established routes to St Louis, Cleveland and Cincinnati.
    The budget airline emerged in mid-2012 and has built a fleet of around 20 Airbus jets.
    Becoming part of Icelandair Group will “strengthen the foundations of the company and strengthen its international competitiveness even further”, says Wow Air founder Skuli Mogensen.
    Icelandair Group says the acquisition of Wow Air depends on due diligence, and needs the approval of shareholders as well as the Icelandic competition regulator. FG

  4. #4
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    Predefinito Re: Wow Air ci prova : Londra - US a partire da 99£ OW

    nel frattempo un collega indiano ha prenotato un biglietto per Dicembre dagli Stati Uniti verso l'India per visitare la sua famiglia a un prezzo molto conveniente considerate le date (intorno agli $800 A/R) con Wow Air. Ora Wow Air ha cancellato il volo e gli hanno mandato un rimborso del biglietto senza opzioni per riprotezione, il che significa che lui si e' dovuto comprare un biglietto con una altra compagnia con costi nel frattempo che sono saliti intorno ai $1500. Ovviamente, sentimento di sfiducia in lui nel fidarsi di queste compagnie emergenti che promettono low-cost a lungo raggio, perche' rischi di rimanere fregato in caso di problemi.

  5. #5
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    Predefinito Re: Wow Air ci prova : Londra - US a partire da 99£ OW

    I due business model mi sembrano piuttosto differenti, e non vedo perchè non potrebbero essere mantenuti entrambi sfruttando le economie di scala nelle aree comuni. Sembra un trend consolidato per i gruppi aeronautici quello di avere un brand "mainline" con offerta più tradizionale ed uno "value" o "leisure" con un modello vicino a quello dei LCC. WOW al momento è un ULCC pressochè puro - oltre al biglietto si paga tutto, e pure molto caro. Aumentando un po' la distanza tra i due modelli ed evitando di dissanguarsi a vicenda volando sulle stesse rotte, potrebbero anche funzionare entrambi i brand.

  6. #6

    Predefinito Icelandair annuncia l'acquisizione di WOW Air

    Icelandair is buying rival Wow Air in a major consolidation of the Icelandic aviation market.

    Icelandair announced it will purchase the other Icelandic airline, low-cost carrier WOW air, in an all-share deal worth $25m.



    The two airlines will continue to operate as separate brands where they currently have 3.8 per cent of the total transatlantic market.

    The purchase of loss-making WOW air comes during an accelerating period of consolidation in European aviation, driven by failures and takeovers.

    WOW air lost $27.5m before tax in 2017 and expects to lose $6m this year.

    Icelandair’s share price has slumped by one-third over the past year, though it rose 50 per cent on news of the deal.

    Speaking about the merger, Wow Air’s CEO and founder Skuli Mogensen said: “I am very proud of the success and development that we at WOW Air have enjoyed in the past few years. We have created a strong team that ..has been a pioneer in low-cost flights across the North Atlantic.

    A new chapter now starts where WOW air gets an opportunity to grow and prosper with a strong backer like Icelandair Group that will strengthen the foundations of the company and its international competitiveness even further.”

    Analysts expect schedules will be restructured to reduce direct competition, and fares may rise.


    https://www.secretflying.com/posts/i...-buys-wow-air/

  7. #7
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    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Sono curioso di sapere cosa dirà l'antitrust visto che le due compagnie insieme avranno praticamente il monopolio sulle rotte da e per l'Islanda

  8. #8

    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Quote Originariamente inviato da Cesare.Caldi Visualizza il messaggio
    Sono curioso di sapere cosa dirà l'antitrust visto che le due compagnie insieme avranno praticamente il monopolio sulle rotte da e per l'Islanda
    Me lo chiedo pure io.

  9. #9

    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Com’era la situazione prima della nascita di wow? Meglio monopolio (nella proprietà) o Wow fallita, dipendenti a spasso e clienti a terra?

  10. #10

    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Quote Originariamente inviato da Cesare.Caldi Visualizza il messaggio
    Sono curioso di sapere cosa dirà l'antitrust visto che le due compagnie insieme avranno praticamente il monopolio sulle rotte da e per l'Islanda
    Quale antitrust? Di che giurisdizione parlate?

  11. #11

    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Icelandair fatica a completare l'acquisizione di WOW, che nel frattempo ha restituito ai lessor 4 dei suoi 20 aerei.

    https://www.flightglobal.com/news/ar...crunch-453954/

    Il CFO di WOW ha annunciato che venerdì gli stipendi saranno pagati regolarmente ma le voci che si rincorrono sono dell'imminente bancarotta del vettore.

    https://grapevine.is/news/2018/11/28...aid-on-friday/
    Fa quel che può. Quel che non può, non fa.

  12. #12

    Predefinito Re: Icelandair annuncia l'acquisizione di WOW Air

    Icelandair ha rinunciato.

    Icelandair Group scraps Wow Air takeover



    • 29 NOVEMBER, 2018
    • SOURCE: FLIGHT DASHBOARD
    • BY: DAVID KAMINSKI-MORROW
    • LONDON

    Icelandair Group has abandoned its plan to take over budget carrier Wow Air.
    The company states that the acquisition of Wow has been “cancelled”, days after it warned that pre-conditions for a shareholders’ meeting on the matter were unlikely to be met.
    “That situation remains unchanged,” says Icelandair Group.
    “Therefore, it is unlikely that the board of directors of Icelandair Group can recommend to the shareholders that they agree to the purchase agreement.”
    Chief executive Bogi Nils Bogason says the acquisition of Wow “will not go through”, adding that the situation is “disappointing”.
    Icelandair Group is not intending to propose a deferral of a decision on the acquisition to shareholders.
    “Due to this situation, both parties agree to abandon the aforementioned purchase agreement,” it adds.


    https://www.flightglobal.com/news/ar...keover-454008/
    Ciao

  13. #13
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    Predefinito Re: Icelandair rinuncia all'acquisizione di WOW Air che si avvicina alla bancarotta

    Indigo Partners, la PE specializzata in compagnie lowcost da Frontier a Wizzair passando per Volaris e Spirit, ha intenzione di investire in WOW Air.

    US budget airline veteran to buy stake in struggling WOW Air after Icelandair abandons deal


    • Private equity firm Indigo Partners says it plans to buy a stake in WOW Air, a struggling Icelandic discount airline.
    • The announcement comes just hours after Icelandair said it had called off its takeover of fellow Icelandic airline WOW.
    • Indigo Partners owns Frontier Airlines and has investments in other discount airlines in Latin America and Europe.


    Frontier Airlines' parent is planning to buy a stake in low-cost carrier WOW Air, the companies said Thursday, the same day Icelandair Group announced it had scrapped a planned acquisition of its ailing rival, calling WOW's fate into question.
    Indigo Partners, a Phoenix-based private equity firm which owns Frontier, has invested in discount carriers in Latin America and Europe. Indigo said it has reached an in-principle agreement with WOW Air to invest in the Icelandic airline. The terms were not disclosed.
    "We have a strategic vision for the airline, and look forward to working with its employees and agents to deliver that vision," said Bill Franke, managing partner of Indigo Partners in a news release.

    Franke is a veteran of the low-cost airline world. The firm had once owned Spirit Airlines, and helped grow and shape the once-struggling carrier. In addition to Frontier, Indigo Partners has invested in Chile-based JetSmart, Mexico's Volaris Airlines and Hungary-based Wizz Air, all discount airlines.
    Indigo Partners is also a major purchaser of Airbus jets. WOW operates an all-Airbus fleet.
    The investment, if finalized, is a new twist in the fortunes of struggling WOW Air.
    The Icelandic WOW Air said this week that it has faced escalating financial problems since its bond issuance in September, including higher fuel costs.
    Aircraft lessors and the company's creditors have "demanded stricter payment terms than before, putting further pressure on the company's cash flow," WOW Air said in a statement Tuesday. The airline reduced its fleet by four planes earlier this week.
    The low-cost carrier, which expanded rapidly and helped fuel a tourism boom to Iceland, has grappled with other problems as well, including complaints about poor customer service.
    "We have to do better," WOW's Chief Executive Officer Skuli Mogensen told CNBC in an interview in June in Iceland's capital of Reykjavik. "It's obviously in our interest to fix it." He said problems such as canceled flights and delays have cost the airline in terms of lost passengers and the money paid out as compensation.
    "This conclusion is certainly disappointing," Bogi Nils Bogason, Icelandair Group's interim president and CEO, said in a statement after the company scrapped plans to acquire its rival WOW Air. "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."
    WOW Air's flights first took off in 2012 and it has expanded rapidly, adding trans-Atlantic service from several U.S. cities. The airline is a no-frills budget carrier, that offers low airfares, some below $100 one-way. It charges passengers for everything else, such as seat assignments, carry-on baggage and food and beverages.
    https://www.cnbc.com/2018/11/30/bill...s-wow-air.html


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