RIXrat From United States of America, joined Nov 2005, 792 posts, RR: 0 Posted (5 years 12 months 4 days 1 hour ago) and read 1948 times:
SAS has sold its 47.2% of shares in the Latvian national carrier airBaltic (BT) to the company's management, according to the Latvian newspaper Diena reported Monday. Apparently, the deal was done on Jan. 31, 2009.
The price was not immediately disclosed, but from earlier information, it was rumored to be around 14 million LVL (USD 25 million), the newspaper said.
SAS Group president Mats Jansson had earlier said that this policy adheres to the fact that SAS does not want to be a minority stake-holder. He said that SAS was able to make airBaltic a strong regional partner and hoped that the new leadership would continue to develop BT.
When in mid-December the Latvian government begged out of the deal because of the current economic crisis, the management team was formed to lead the bargaining with SK. There is no word on financing.
Before the sale, the Latvian government owned 51%, SAS 47.2% and Baltic International Airlines (on paper only) 1.8%.