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Nordica to buy out LOT’s 49% stake in Estonian Xfly

Estonian carrier Nordica has reached agreement with LOT Polish Airlines to acquire its 49% share in Xfly, making it the sole owner of the regional capacity provider.

The Polish carrier took the 49% stake in the Estonian capacity provider, then called Regional Jet, four years ago. The carriers worked together on operating flights, initially linking Tallinn with Warsaw, and outsourcing capacity from Xfly.

Nordica board chairman Erki Urva says: ”Although the negotiations went on for a very long time, I’m really happy with the agreement we’ve reached.

”It’s also important that in ‘breaking up’, as it were, we’ve managed to stay friends, which ensures that our commercial cooperation will continue. All this means that Estonia’s national airline is now the 100% owner of Xfly, which operates as a capacity provider, giving us the freedom to make quick decisions ourselves if we need to – which is vital considering how much the coronavirus crisis has shaken up the aviation market.”

LOT chief executive Rafał Milczarski says: ”In recent years, LOT has strengthened the offer of European connections from Tallinn and built high brand recognition of the Polish airline in the Baltic countries.

”As a result of the pandemic and significantly reduced demand for air connections, today we are completing this special journey. Bearing in mind the good relations between our companies, we will continue to cooperate on a commercial basis.”

Xfly has a fleet of Bombardier CRJ700/900 jets and ATR 72 turboprops, and had before the pandemic, outlined plans to add seven Embraer 190/195s.

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