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Icelandair Signs Deal to Purchase Wow air

Icelandair has signed a deal to acquire Wow Air.

Wow Air was founded in 2011 offering $55 flights and very simple services. The shareolders of Wow are are slated to receive 5.4% of Icelandair’s value at $18 million – $25 million.

The airline said in a statement, “Icelandair Group has entered into a share purchase agreement to purchase all shares of airline WOW air.”

The Wow Air shareholders will be restricted from selling any newly received Icelandair stock for six months due to the moratorium.  

by Elizabeth Atkinson