Icelandair Group cancels WOW air acquisition

Icelandair Group announced (29-Nov-2018) plans to cancel its acquisition of WOW air. The carrier signed a purchase agreement for the carrier on 05-Nov-2018 but revealed it would be unlikely to fulfil all conditions during a shareholder's meeting on 30-Nov-2018. Icelandair's board said they do not intend to submit a proposal to postpone the purchase agreement. Icelandair CEO Bogi Nils Bogason said the management of both companies worked on project "in earnest" and added the outcome is "disappointing". WOW CEO Skúli Mogensen said the purchase agreement was a "an ambitious task" from the outset. [more - original PR]