Aviation Capital Ventures PLC (ACV) has signed a Memorandum of Understanding to acquire 100% of FAS Rhodos Air (FAS).
FAS is an established airline with more than 20 years of experience, maintenance provider and pilot training academy based in Rhodes, Greece with offices in Marcopoulo, Athens and Megara airport.
FAS holds the Air Operator Certificate – GR 032- for commercial air transportation.
ACV also holds 100% of Fly Orion Airways Limited (Orion), which is a new start-up airline in Cyprus.
Mr. Thanassis Kokkotas, CEO of ACV and Orion states:
“This alliance is of strategic importance to Orion as it will not only give it access to European AOC licenses, but it will also allow to exploit bilateral agreement opportunities in the region.
In addition, cost saving synergies are expected in both operational and maintenance activities”. The acquisition of FAS shall be completed not later than 30 September 2017.
ACV would like to welcome FAS into the group.