The airline most famous for $55 flights from the US to Europe has been purchased by its greatest rival

• Icelandair has agreed to acquire ultra-low-cost carrier WOW Air.
• WOW Air shareholders are set to receive to 5.4% of Icelandair value at $18 million to $25 million.
• The deal is still subject to approval from Icelandair Group’s investors, Icelandic antitrust authorities, and due diligence.

Since its founding in 2011, WOW Air has fought Icelandair, the country’s flag carrier, for business to the island nation. That competition has officially come to a close. On Monday, Icelandair announced that it has agreed to acquire the up-start Icelandic ultra-low-cost carrier.

“Icelandair Group has entered into a share purchase agreement read more >>>

Source : BusinessInsider.Com