Norwegian Air Shuttle will sell its entire 17.5% stake in banking company Norwegian Finans Holding to Cidron Xingu Limited for 2.22 billion Norwegian crowns ($246.7 million), the airline said on Monday.
Norwegian Finans Holding is the owner of Bank Norwegian. Cidron Xingu Limited is indirectly controlled by Nordic Capital Fund IX and Sampo.
The European aviation sector has been struggling with overcapacity, leading some airlines to offer loss-making fares and a few smaller carriers to go bust. “The sale of the NOFI shares is part of Norwegian’s strategy to strengthen our core airline operations and focus on the transition from growth to profitability,” Norwegian Air’s acting chief executive Geir Karlsen said in a statement. While the deal could help the airline refinance a €250 million bond maturing in December, some analysts said the company may need to raise more cash from shareholders at a later time.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Conducts First-Ever Raids on a Company Under Foreign Subsidies Regulation
Apr 23, 2024 by
CPI
FTC Moves to Ban Non-Compete Agreements, Aiming to Boost Labor Mobility
Apr 23, 2024 by
CPI
Federal Judge Nods at $418M Deal in Real Estate Antitrust Suit
Apr 23, 2024 by
CPI
Mexican Watchdog Probes Amazon and Mercado Libre Over Loyalty Bundles
Apr 23, 2024 by
CPI
Competition Commission of India to Probe AI Landscape for Competition
Apr 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI