Iceland’s fast-growing Avion Group has acquired French leisure airline Star Airlines. Star operates a fleet of two Airbus A330-200s and four A320s primarily on charter flights, but also serves scheduled routes to Lebanon, Mali and Mexico. Avion has not disclosed the purchase price, but has said it will finance the acquisition from its own equity with debt. Commenting on the acquisition, Avion Group chairman Magnus Thorsteinsson said that Star Airlines presents “a fantastic opportunity to grow in Continental Europe” and gives Avion “access to a big market with a lot of potential”. In 2005, the French carrier had revenues of €173 million ($206 million) and operating profits of €1.9 million.
Source: Airline Business
