Ryanair Holds Talks On Possible Cyprus Airways Takeover

Government officials in Nicosia, Cyprus, responsible for finding a strategic investor for Cyprus Airways, launched talks on 22 August with companies that have expressed an interest in taking over the airline. Talks began with Michael O ‘Leary, CEO of low-cost carrier Ryanair.

In statements made to the press after his meeting with Cypriot officials, Mr. O’Leary said that with the help of his company, Cyprus Airways could enter a new path of rapid growth, with new routes and more flights.

According to Mr. O’Leary, Ryanair could increase the airline’s passenger numbers up to four million per year from 700,000 currently and also create new jobs.

He added that he sees “a very exciting future for Cyprus Airways.”

According to reports, commenting on the fact that negotiations started with Ryanair, Communications Minister Marios Demetriades said the low-cost airline company has also submitted a comprehensive proposal to expand its presence on the island, which is independent of its interest to take over Cyprus Airways.

A total of 15 suitors are interested in Cyprus Airways. Greeces Aegean Airlines has also expressed interest.

Investors interested in submitting proposals for Cyprus Airways have until the end of August to do so. A shortlist of those submitting non-binding proposals will be drawn up at the end of September.