Avia Solutions Sells SmartLynx, to Merge and Rebrand EU AOCs
Avia Solutions Group has sold SmartLynx Airlines to its management team and a Dutch investment fund as part of a broader strategy to consolidate its European airline operations. SmartLynx Airlines Estonia and SmartLynx Airlines Malta will remain within the group but will be merged and rebranded as Avia Solutions works to streamline its fleet and simplify operations across its Air Operator Certificates.
The holding company said it aims to operate around 27 to 30 aircraft under each remaining AOC and expects to retain three core airline brands in Europe, though it has not yet disclosed which brands will remain. Chief executive Jonas Janukenas said the consolidation will allow the group to optimize year-round utilization by scaling in Europe while expanding into counter-cyclical markets in the Asia-Pacific and Latin America regions.
SmartLynx Airlines will continue to operate independently under its new ownership structure. The carrier is now 90% owned by Dutch investment fund Stichting Break Point Distressed Assets Management, while chief executive Edvinas Demenius and vice president of finance Mindaugas Kazakevicius each hold 5%. SmartLynx currently operates a fleet of A320 and A321 aircraft, with one A321 freighter scheduled for retirement in late 2025.
The Latvian carrier has faced reliability and performance challenges, citing a diversified fleet and complex business model, and has been involved in multiple legal disputes, including a compensation case with TUI Group and a cargo conversion dispute linked to Russian lessor GTLK. The airline plans to refocus on core A320/A321 ACMI and charter operations as part of its restructuring.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com