airBaltic looking for a potential new investor to develop airline

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Latvian airline airBaltic has charged global investment bank Greenhill with evaluating financing options for the future development of the airline – which includes the search for a potential new investor.

The carrier’s chief executive officer, Martin Gauss said airBaltic requires additional funding to develop the carrier, which has expanded its route network considerable over the last few years and rolled out a fleet of Airbus A220s.

Gauss said: “Over the last years, airBaltic was able to improve its performance whilst several airlines left the market. In order to follow the growth strategy outlined in our Destination 2025 business plan, airBaltic requires additional financing for the future development of the company.

“We are pleased to be working with Greenhill as an experienced financial adviser on potential options.”

Meanwhile, the airline has also increased its flights schedule between Riga International Airport and Aberdeen International Airport and has extended the route this year to include April and September.

Last year the service ran from early May to early September, but this summer passengers will benefit from the Tuesday and Saturday flights beginning from 2 April and running until 28 September.

The route is in its third year of operation from Aberdeen as started in 2017, equating to a 40 per cent increase in the number of flights than last year.

airBaltic senior vice president of network management, Wolfgang Reuss said since flights were launched, the route has shown good results.

The airline serves over 70 destinations from Riga, Tallinn and Vilnius, offering the largest variety of destinations and convenient connections via Riga to its network spanning Europe, Scandinavia, the CIS and the Middle East.

For summer 2019, airBaltic will launch new direct routes from Riga to Dublin, Stuttgart and Lviv as well as Kos and Menorca. In addition, next summer airBaltic has introduced three new destinations from Tallinn to Malaga, Brussels and Copenhagen.