In January, Finnair signed a memorandum of understanding to sell the 60% stake to human resources specialist StaffPoint and G.W. Sohlberg (GWS). But, in a Nov. 4 stock exchange disclosure, Finnair said Kilco Oy had stepped in to replace GWS.
Kilco Oy is an investment company which is owned by StaffPoint CEO Mika Kiljunen’s family. It is also a shareholder in StaffPoint.
“Finnair, StaffPoint Holding and Kilco Oy have now agreed on transactions whereby 60% of the shares in Nordic Regional Airlines would be transferred to the ownership of StaffPoint and Kilco. The latter enters the arrangement in lieu of GWS, which was previously part of the negotiations,” Finnair said in the disclosure.
Following the acquisition, which will require Finnish competition clearance, StaffPoint will hold 45% of Nordic Regional Airlines, Kilco will own 15% and Finnair will hold 40%.
“We are satisfied that the negotiations reached a conclusion and that Norra and its board of directors are now free to keep developing the company and improving the profitability of regional flying,” Finnair CEO Pekka Vauramo said.
Flybe Nordic was a joint venture (JV) between Finnair and Flybe. Finnair assumed full control of the JV in March, in preparation for the onward sale. Norra operates a fleet of 26 ATR 72 and Embraer aircraft on domestic and European routes.