Airport, Financial Services, Latvia, Markets and Companies, Transport

“airBaltic has completed a successful turnaround and achieved profitability. We are now taking airBaltic to a new level of development by attracting additional investment and finance. We are delighted to select Lazard Freres from the group of interested bidders,’ said airBaltic CEO Martin Gauss.

Lazard Freres is a financial advisory and asset management firm, founded in 1848. Today Lazard Freres operates in 42 cities across 27 countries.

As reported, airBaltic share capital was increased to EUR 256.473 at the beginning of May 2016. The state of Latvia now owns 80% of airBaltic shares, while Aircraft Leasing 1, where private investor Ralf Montag-Girmes is the CEO, owns the other 20%t. Aircraft Leasing 1 belongs to the Ireland-registered IALH LIMITED.

Montag-Girmes at the end of March invested approximately EUR 52 mln in airBaltic, while the state invested EUR 80 mln.

A workgroup was set up last fall to work on finding a strategic investor for the airline. In October, the government decided to hire a consultant for the selection of a strategic investor.

airBaltic serves over 60 destinations from its home base in Riga, Latvia.