Volotea will be sold, as IPO plans are dropped

Spanish airline, Volotea, ruled out its planned IPO, while moving forward with its sale, led by Morgan Stanley.

Volotea previously announced that Indigo Partners (US) and HRS Management (US) were approved as final bidders to replace CCMP Capital (US), the fund which controls 49% of the airline.

HRS Capital Management and Elysium have won the bid. The shareholder restructuring will leave HRS and Elysium as primary shareholders with 49.9% of the capital.

The transaction, coordinated by Morgan Stanley, is now expected to culminate in 2H 2018.