The Latvian Cabinet of Ministers has approved plans to sell 20% of airBaltic to German investor Ralf Dieter Montag-Girmes for EUR 52 million and agreed to invest a further EUR 80 million in the airline. The total of EUR 132 million of fresh capital for the Latvian carrier will spur its Horizon 2021 business plan and fleet modernisation.
Under the deal, the German investor will hold 20% of shares in the carrier. The remaining stake will be held by the Latvian government. Ralf Dieter Montag Girmes will invest EUR 52 million in A/S Air Baltic Corporation. The Latvian government will also invest EUR 80 million in the airline.
For the summer of 2015, airBaltic announced 14 new routes, the largest improvment in connectivity since restructuring and achieving profit.
airBaltic serves over 60 destinations from its home base in Riga, Latvia. From every one of these locations, airBaltic offers convenient connections via Riga to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East. In addition, airBaltic also offers new direct flights from Tallinn and Vilnius.