finance
Icelandair buys stake in defunct rival's Maltese operating certificate
Icelandair Group is purchasing a 49 percent stake in Play Europe, the Maltese division of its collapsed budget competitor, for $686,000. The pending transaction provides the national carrier with access to a valuable Maltese air operator certificate, pending regulatory approval, along with an option to expand its ownership position later. Securing a European Union operating certificate grants the airline increased flexibility to streamline its primary network, a move that could eventually create alternative basing or flying opportunities for commercial crews.