Fuente : Icelandair
http://www.icelandair.com/

The FL Group acquisition of Bluebird Cargo confirmed following due diligence process

/noticias.info/ Group's total Cargo turnover 7 billion ISK
Increases FL Group EBITDA by 25%
Supports further international business

The FL Group purchase of Bluebird Cargo and associated freight forwarding company Flugflutningar have been confirmed following a due diligence process. Earlier Icelandic Competition Authorities had approved the contract signed in February this year.

Ragnhildur Geirsdottir, President and CEO, is pleased the agreement is finalized. "The purchase is a part of The FL Group's strategy to grow in the international cargo market. The total turnover of the FL Group Cargo business after this transaction will be more than ISK 7 billion a year in three companies, Icelandair Cargo, Bluebird and Flugflutningar." Thorarinn Kjartansson, Manager of Bluebird says: "I look forward to be a part of the FL Group and to help build a succesful Cargo company".

Bluebird Cargo now operates five Boeing 737 cargo aircraft, two of which it owns, and 80% of its operation is on the international market. It has a staff of about 50, of which 30 are pilots. Bluebird operates in cooperation with international freight forwarders and cargo airlines such as UPS and Cargolux. In addition one of its aircraft operates on the market to and from Iceland. Flugflutningar operate as a freight forwarder on the Icelandic market. In cooperation with Cargolux, UPS Air Cargo and LTU the company offers service to most international destinations via air and road connections.

The total turnover of Bluebird and Flugflutningar in 2004 was 2.660 ISK and EBITDA profit was 800 million ISK. The purchase price for both companies is ISK 3.8 billion and the FL Group takes on debt obligations for aircraft worth ISK 1.4 billion. The purchase price is paid in cash and with ISK 1.4 billion of FL Group Shares, and has all ready been paid.

Kaupthing Bank, PricewaterhouseCoopers and LOGOS Law Firm advised FL Group during the purchasing process. notas_de_prensa_archivo