Ryanair is in talks with Cyprus Airways over a possible takeover, chief executive Michael O’Leary has confirmed.
O’Leary yesterday travelled to Cyprus to discuss the possibility of acquiring the loss-making airline, just weeks after saying Ryanair had no interest in “buying that barrel of rubbish”.
The Irish carrier was among 20 airlines that submitted non-binding expressions of interest in the airline, the first step in the potential takeover of Cyprus airways, which is controlled by the Cypriot government.
“We are engaged in the process and hope something will come of it. It’s a very political process down there,” Mr O’Leary said yesterday, adding that any deal would be small relative to Ryanair’s overall growth strategy
According to Reuters Cyprus Airways would retain its brand and operate under a separate air operator’s certificate to Ryanair.
Cyprus Airways’ future has been insecure for the past couple of years and in April last year it rejected a rescue plan from the island’s government. It has also sold off assets including slots at Heathrow airport.
Ryanair.com
CyprusAirways.com