Transportation Industry
SAS ACQUIRES 49% OF ESTONIAN AIR.
Transport Europe, September, 2003
Airline and hotel group Scandinavian Airlines System (SAS) announced on September 11 the acquisition of the 49% stake held by Danish company Maersk Air in Estonian Air. The agreement signed by SAS and Maersk Air includes the acquisition of 100% of the aircraft maintenance company Maersk Air Maintenance Estonia AS, based in Tallinn.
The total value of the acquisitions is 180 million Swedish Kronor (Euro 20 million), according to a statement by SAS. The acquisition is part of SAS's strategy of boosting its position in the Baltic region. Estonian Air, set up in 1991 and privatised in 1996, flies from Tallinn to the following destinations: Copenhagen, Stockholm, Moscow, Kiev, Vilnius, Frankfort, Hamburg, Berlin, Oslo, Paris and London.
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