The process will take place in parallel with negotiations with a "strategic investor", Minister of Transport Kaspars Briškens ("Progressive") told the media after the meeting. The identity of this "strategic investor" has yet to be revealed. Nor is there any information as yet about how much of the company this mystery buyer is looking to acquire.
The Latvian state currently owns 97.97% of airBaltic shares, while "Aircraft Leasing 1" owned by Danish businessman Lars Thuesen, owns 2.03%.
Governments have repeatedly stated their intention to carry out an airBaltic IPO over the years, but the economic conditions have never been deemed suitable to commit to a market float. Whether it happens this time around will become clear over the next four months – the deadline the government has now set itself.
airBaltic lost 88 million euros in the first six months of 2024 despite seeing increases in revenues and passenger numbers.
The airline operates more than 130 routes from Riga, Tallinn, Vilnius, and Tampere. It was established in 1995 and has a fleet of 48 Airbus A220-300 aircraft, making it one of the youngest fleets in Europe – a factor that is likely to be important to the mystery investor.
