Ryanair agrees to buy stake in Austrian airline
BUDGET airline Ryanair has agreed to buy a majority stake in LaudaMotion - the Austrian-based airline set up by former Formula 1 driver Niki Lauda.
Ryanair is buying an initial 24.9 per cent stake and said it plans to raise its holding to 75 per cent "as soon as possible", subject to European Union approval.
Ryanair boss Michael O'Leary said: "We look forward to working in partnership with Niki Lauda to successfully develop his vision for a successful Austrian low-fares airline to service the schedule and charter markets."
"LaudaMotion will benefit from this partnership between Niki Lauda and Ryanair. With access to the Ryanair fleet and financial resources, LaudaMotion will now grow more rapidly, as it seeks to compete in a market which is dominated by Lufthansa's high air fares with its Swiss and Austrian subsidiaries," he added.