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It was in early November, when Icelandair announced that the company had signed an agreement to acquire all the shares of Wow Air. The idea was that the payment be done with shares of Icelandair, but the companies announced Thursday that the purchase had been canceled.
"Icelandair Group's proposed acquisition of Wow Air will not materialize and the board and management have worked hard on this project." It's a disappointment, "Bogi Nils Bogason, acting president of Icelandair, said in a statement.
According to the press release, there was it is unlikely that all the terms of the agreement will be met in time for Icelandair's scheduled general meeting on 30 November. As a result, it was unlikely that the board of directors of the company could recommend to the shareholders to approve the agreement. As a result, both companies agreed to throw in the towel and cancel the deal.
"It was clear from the outset that it was ambitious to meet all the terms of the agreement during this short period.We thank Icelandair's leadership for this ambitious project," said Skúli Mogensen, CEO and founder of Wow Air.
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