Nordic Business Report-August 18, 2006-Avion Group acquires 5% stake in Advent Airline Ltd
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Icelandic investment company Avion Group said on Friday (18 August) that it had signed a strategic joint venture with the Australian airline Advent Air Ltd.
Under the terms of the agreement Avion's subsidiaries, Star Airlines of France and Star Europe of Germany, will between them provide up to four Airbus A320 aircraft to Advent Air's subsidiary Skywest Ltd.
Additionally, Avion has signed an agreement to purchase 9,801,012 ordinary shares in the capital of Advent Air Ltd, representing some 5% of the currently issued share capital of the company.
The share purchase represents an investment of GBP1.42m, Avion said.
Avion has also made an agreement with Xtra Airways, headquartered in Nevada in the US, to lease part of Excel Airways' fleet during the winter schedule.
((Comments on this story may be sent to email@example.com))