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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 14:18

UAE company Procyone to buy Latvian holding co owning Smartlynx

BC, Tallinn, 31.07.2019.Print version
FZE Procyone, a holding company registered in the United Arab Emirates (UAE) is to buy Latvia's SIA Smart Aviation Holdings, a company which owns the Estonian branch of the low-cost carrier Smartlynx as well as Smartlynx Crewing OU, reported LETA/BNS.

Procyone and Smart Aviation Holdings said that the reason for the acquisition is the companies' shared intention to jointly develop a fully certified and well-functioning international aviation industry. In order for the transaction to take effect, a permission from the Competition Authority is required.


The transaction will also allow for both companies to expand their operation in geographical terms as the Latvian holding company conducts its business in the region where the Procyone does not yet have any presence and vice versa.

As a result of the transaction, Procyone will acquire 100% of the current sole shareholder Celastina Ltd's shares in Smart Aviation Holdings.


Procyone, a holding company owning an enterprise group, is registered in the UAE and has dominant influence in the Lithuanian aviation group Avia Solutions through several subsidiaries. Avia Solutions Group, in turn, owns KlasJet UAB and Estonian companies Baltic Ground Services EE OU, Kidy Tour OU.


Smart Aviation Holdings, also a holding company owning an enterprise group, is registered in Latvia. The group also includes Smartlynx Airlines Estonia OU and Smartlynx Crewing OU.






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