Cabo Verde Airlines in Cape Verde, former TACV, has finished its privatization process. Loftleidir Cabo Verde is now a majority shareholder with a 51% stake in the Company. Jens Bjarnason has been appointed Chief Executive Officer.
Following the official announcement of the Government of Cape Verde, the binding offer submitted by Loftleidir Cabo Verde to acquire 51% of the shares of Cabo Verde Airlines has been accepted. The share purchase agreement was signed today, Friday 1 March, at 4 pm.
Loftleidir Icelandic, which is a subsidiary of Icelandair Group, holds a 70% stake in Loftleidir Cabo Verde, and other investors 30%. Loftleidir Icelandic has been working on consultancy basis with Cabo Verde Airlines since 2017 on restructuring the Company and developing its strategy for the future.
Jens Bjarnason, new Chief Executive Officer of Cabo Verde Airlines:
“We see great opportunities in both developing Cape Verde Islands as an exciting tourist destination and to make Cape Verde’s international airport in Sal an ideal hub for efficient flight connections between the four continents of Europe, South-America, Africa and North-America. We plan to accomplish this by delivering a reliable and efficient service with a difference: the Cabo Verde’s essence.”
Cabo Verde Airlines will benefit from the experience and knowledge within Icelandair Group which has a similar business model, connecting Europe and North America over the North-Atlantic with Iceland as a strong hub. Cabo Verde Airlines already has operating licenses to fly scheduled flights to Europe and the United States.