Eimskip sells airline
Icelandic shipping company Eimskip has reached an agreement for the sale of the majority of its shares in the airline Air Atlanta to a management group.
A company owned by the management of Air Atlanta, under the leadership of Hannes Hilmarsson, chief executive officer, and Geir Valur 'g'stsson, vice president of finance, has purchased all the shares in the management company Air Atlanta. Total value of its shares in the company is about 44 million euros ($63.5 million).
At the same time Air Atlanta has been divided into two companies: an aircraft operating company under the name Air Atlanta, and an aircraft leasing company under the name of Northern Lights Leasing, which has acquired the Air Atlanta fleet of aircraft, comprising 13 widebody jet aircraft.
Eimskip has sold its entire shareholding in Air Atlanta and has, moreover, sold 51 percent of its shareholding in the holding company Northern Lights Leasing, to Artic Partners. Arctic Partners, which also owns Avion Aircraft Trading, is owned by Hafth'r Hafsteinsson and Icelandic and overseas investors.
Eimskip, which first announced plans to sell the airline in May, has fully withdrawn from aircraft operation. The management plans to focus on the core activities of the company, namely freight transportation and the operation of refrigerator and freezer storage.
Eimskip sells airline
