Norwegian to Take 50% Stake in OSM Aviation
Norwegian Air Resources Holding, part of Norwegian Group, the owner of Norwegian Air Shuttle, announced it plans to acquire 50% of OSM Aviation, an airline crew management company.
The transaction, which is expected to close in the first quarter of 2016, is subject to regulatory approval by the European Commission. The transaction also calls for OSM to take a 50% stake in Norwegian Air Resources Holding subsidiaries in Spain, Finland, and the United Kingdom.
OSM currently employs 2,000 pilots and flight attendants in 14 countries including the United States, and currently serves nine airlines including Norwegian. The company says it plans to add 1,000 more crewmembers in the coming year.
It reported revenue of 850 million Norwegian krone in 2015, its second full year of operation.
The company’s CEO, Espen Høiby, says its model allows, “airlines obtain qualified crew and cut costs by letting us handle personnel administration.” Norwegian has used OSM for staffing for over two years.
“By joining forces, OSM Aviation will become one of the world’s leading companies for employment and management of crew in global aviation,” said Krister Aarnio, Norwegian Air Resource Holding’s CEO. The partnership will create a “stronger global presence” and allow for further expansion in new markets.
(Photo: Accura Media Group)