Commercial Aviation
ACIA Aero Leasing Closes Sale and Leaseback Deal with Braathens
ACIA Aero Leasing completed a sale and leaseback deal with Braathens for two ATR 72-600 aircraft operating regional routes for SAS in Northern Europe.
This article is based on an official press release from ACIA Aero Leasing.
ACIA Aero Leasing Closes Sale and Leaseback Deal with Braathens for Two ATR 72-600s
On May 7, 2026, ACIA Aero Leasing announced the successful closing of a sale and leaseback (SLB) transaction with Braathens Regional Airlines. The agreement covers two ATR 72-600 passenger turboprop aircraft. According to the official press release, these aircraft are currently deployed on regional routes across Sweden and Northern Europe, operating exclusively on behalf of Scandinavian Airlines (SAS).
This transaction provides Braathens with capital liquidity while allowing the carrier to retain uninterrupted use of the aircraft. We note that this financial maneuver follows a period of profound transformation for Braathens, which recently restructured its business to operate as a dedicated wet-lease provider for SAS.
The deal not only bolsters Braathens’ balance sheet but also expands ACIA Aero Leasing’s footprint in the Nordic regional aviation market, reinforcing the lessor’s commitment to fuel-efficient turboprop operations.
Transaction Details and Fleet Impact
Expanding the ACIA and Braathens Partnership
The sale and leaseback agreement involves two specific ATR 72-600 aircraft, identified by Manufacturer Serial Numbers (MSNs) 1348 and 1357. By selling these assets to ACIA and immediately leasing them back, Braathens unlocks capital without sacrificing the operational capacity required to fulfill its network obligations to SAS.
According to the press release, this transaction increases ACIA’s leased fleet with Braathens to three aircraft. Furthermore, it brings ACIA’s total global ATR portfolio to 38 aircraft. Industry data indicates that ACIA, headquartered in Ireland, manages a broader global portfolio of nearly 70 regional passenger and freighter aircraft across more than 22 countries, while Braathens operates a core fleet of 17 ATR 72-600s.
Company leadership from both organizations highlighted the collaborative nature of the agreement. Mick Mooney, Chief Executive Officer of ACIA Aero Leasing, emphasized the lessor’s commitment to the airline’s ongoing transition:
“We are delighted to strengthen our relationship with Braathens through this SLB transaction on two ATR 72-600s. The transaction further demonstrates our support for Braathens as they continue to transform their business.”
Mia Jakobsson, Head of Fleet Management & PMO at Braathens, echoed this sentiment, pointing to the importance of lessor support during the airline’s recent operational shifts:
“We greatly appreciate ACIA’s continued support throughout the changes Braathens has undergone in recent times. These transactions are a testament to the strong cooperation between our teams, and we value the partnership as our joint business continues to grow.”
Braathens’ Strategic Pivot and Restructuring
Transition to a Pure ACMI Model
The context surrounding this SLB transaction is rooted in Braathens’ recent strategic overhaul. Industry research shows that in September 2024, Braathens announced it would cease its own scheduled passenger operations out of Stockholm Bromma by the end of that year, citing a sluggish post-pandemic domestic market. In its place, the airline secured a seven-year, SEK 6 billion (approximately $590 million) ACMI (Aircraft, Crew, Maintenance, and Insurance) contract with SAS, which took effect on January 1, 2025. Under this arrangement, Braathens utilizes its ATR fleet to feed major SAS hubs, primarily Stockholm Arlanda and Copenhagen Kastrup.
However, transitioning to a pure ACMI model required significant financial maneuvering. Between late 2025 and early 2026, Braathens initiated a court-supervised financial reorganization for its parent company and its ATR operating subsidiary to reduce debt and renegotiate existing contracts. During this same period, its Airbus subsidiary, Braathens International Airways, filed for bankruptcy.
To ensure the stability of its vital regional feeder network, SAS stepped in with a financial lifeline. In February 2026, SAS provided Braathens with a SEK 50 million (approximately €4.75 million) loan, securing exclusive access to Braathens’ ATR capacity and aiding the regional carrier through its restructuring process.
AirPro News analysis
We view this sale and leaseback transaction as a textbook example of how airlines utilize asset financing to navigate complex corporate restructurings. SLB transactions are a vital financial tool; by monetizing owned assets, airlines like Braathens can generate immediate cash flow to cover operational costs or service debt without disrupting their flight schedules or jeopardizing major contracts, such as the lucrative SAS ACMI agreement.
Furthermore, this deal underscores two broader trends in the European aviation sector. First, there is a clear move toward regional aviation consolidation and outsourcing. Major flag carriers like SAS are increasingly relying on specialized wet-lease partners to operate lower-demand regional routes, optimizing operating costs while maintaining network breadth. Second, the transaction highlights the enduring resilience of the turboprop market. The ATR 72-600 burns up to 40% less fuel and emits 40% less CO2 compared to similar-sized regional jets. In the Scandinavian market, where environmental regulations are stringent and sustainability goals are paramount, the operating economics and environmental profile of the ATR 72-600 make it a highly attractive asset for both operators and lessors.
Frequently Asked Questions
What is a Sale and Leaseback (SLB) transaction?
A sale and leaseback is a financial transaction where an airline sells an aircraft it owns to a leasing company and immediately leases it back. This allows the airline to free up capital tied up in the asset while continuing to operate the aircraft without interruption.
Why did Braathens restructure its business?
Facing a slow recovery in the domestic market, Braathens discontinued its independent scheduled passenger flights in late 2024. The airline pivoted to a wet-lease (ACMI) model, signing a major contract to operate flights exclusively for SAS. The costs associated with this transition led to a court-supervised financial reorganization in late 2025 and early 2026.
Sources
- ACIA Aero Leasing Press Release
- Industry Research Data
Photo Credit: Braathens
Airlines Strategy
Icelandair Acquires 49% Stake in Maltese AOC for $686K
Icelandair Group acquired a 49% stake in a Maltese AOC holding company for USD 686,000 to expand EU operational flexibility.
Icelandair Group hf. has completed the acquisition of a 49% stake in a holding company controlling a Maltese Air Operator Certificate (AOC) for USD 686,000, securing a strategic foothold within the European Union regulatory environment.
The transaction, finalized on August 20, 2026, involves Fly Play Europe Holdco ehf., whose subsidiary holds the currently suspended Maltese AOC MT-85. The certificate was previously associated with the defunct Icelandic budget carrier PLAY, which ceased operations following its bankruptcy in September 2025.
Strategic expansion into Malta
In a press release issued on August 20, 2026, Icelandair announced the purchase from FPE hs., a fund managed by Isafold Capital Partners hf. The Airlines stated the acquisition is designed to increase operational flexibility and support the development of its primary hub at Keflavik International Airport (KEF).
The completion of the transaction remains contingent on reaching an agreement with the Transport Malta Civil Aviation Directorate (TMCAD) regarding the continued use of the certificate. Publicly available data from Transport Malta indicates that AOC MT-85 is currently suspended and has no Commercial-Aircraft registered to it.
Icelandair Group hf. CEO Bogi Nils Bogason outlined the company’s rationale in the official announcement.
“Acquiring a stake in a Maltese air operator certificate is primarily intended to increase operational flexibility, strengthen Icelandair’s competitiveness, and create new opportunities, all with the aim of supporting the continued development of our Keflavik hub and thereby safeguarding jobs and a strong operating environment for the Manufacturing industry in Iceland for the years to come,” Bogason said.
Origins of the AOC and future options
The Maltese AOC originally belonged to a subsidiary of PLAY. Following the budget carrier’s financial collapse in late 2025, creditors enforced security interests to recover the Maltese holding structure. Icelandair initially announced a Letter of Intent regarding the Acquisitions in April 2026 before finalizing the purchase in August.
As part of the agreement, Icelandair has secured options to increase its stake in Fly Play Europe Holdco ehf. at a later stage. The company utilized Arma Advisory as its financial adviser for the transaction.
AirPro News analysis
We view Icelandair’s move to secure a Maltese AOC as a calculated step to bypass the bilateral traffic right limitations inherent to its Icelandic registration. Malta has become a preferred jurisdiction for European operators seeking a flexible, EU-based Regulations environment. By acquiring an existing corporate structure rather than applying for a new certificate, Icelandair likely aims to accelerate its timeline for establishing a secondary European operating base, provided TMCAD approves the reactivation of the suspended certificate.
Sources: Icelandair Group hf.
Photo Credit: Fly Play Europe
Commercial Aviation
Saudia Group Signs Financing MoU for 144 Airbus Aircraft
Saudia Group, Saudi EXIM, and Crédit Agricole CIB sign MoU to finance 144 Airbus jets due for delivery through 2032.
Saudia Group, the Saudi Export-Import Bank (Saudi EXIM), and Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) signed a tripartite memorandum of understanding (MoU) on August 25, 2026, to arrange financing for the airline’s incoming fleet of Airbus aircraft.
The agreement, finalized on the sidelines of the French-Saudi Investment Roundtable in Paris, integrates international bank financing with Saudi national export credit instruments. According to a press release from the Saudi Press Agency, Crédit Agricole CIB will act as the financier and arranger, while Saudi EXIM will provide credit risk insurance to reduce exposure for financial institutions.
Fleet expansion and delivery timeline
The financing arrangement is designed to support Saudia Group’s substantial aircraft backlog. In May 2024, the company placed an order for 105 Airbus A320neo-family aircraft, bringing its total Airbus orderbook to 144 jets.
The May 2024 order includes 12 Airbus A320neo and 93 Airbus A321neo aircraft. Saudia Group allocated 54 of the A321neos to its mainline operations. The remaining 51 aircraft, comprising 12 A320neos and 39 A321neos, are designated for its low-cost subsidiary, flyadeal. Deliveries for the 105-aircraft order are scheduled to occur between 2026 and 2032.
Strategic financial partnerships
The tripartite structure aims to broaden the pool of potential international lenders by mitigating risk through state-backed credit insurance. This aligns with Saudi Arabia’s broader economic objectives to increase non-oil exports and enhance global connectivity.
Saudia Group Director General Eng. Ibrahim Al-Omar highlighted the strategic nature of the agreement in a public statement.
“This MoU marks an important step in developing financing solutions that support Saudia Group’s growing fleet investments, while reflecting the continued advancement of national capabilities and instruments that enable Saudi sectors to access international sources of finance. We value this partnership with Saudi EXIM and Crédit Agricole CIB, which provides us with broader financing options to support our growth and expansion plans.”
Al-Omar also noted that diversifying financing sources strengthens the group’s flexibility in executing future investments and expanding network capacity.
AirPro News analysis
We view this financing structure as a pragmatic approach to managing the massive capital requirements of Saudia Group’s fleet modernization. By layering Saudi EXIM’s credit risk insurance over Crédit Agricole CIB’s financing, the airline group effectively lowers the risk profile for international lenders. While the specific aircraft models and total financial value covered by this non-binding MoU remain undisclosed, securing a reliable financing pipeline is critical as the airline prepares to absorb over 100 new narrowbody aircraft through 2032.
Sources: Saudia Group Press Release
Photo Credit: Saudia Group
Aircraft Orders & Deliveries
Avion Express Wet-Leases A320s to TAROM and FlyOne Armenia
Avion Express deploys two A320-200s to TAROM and FlyOne Armenia for summer 2026 amid Boeing 737 MAX delivery delays.
This is original reporting and analysis by AirPro News.
ACMI (Aircraft, Crew, Maintenance, and Insurance) specialist Avion Express has expanded its summer capacity network by wet-leasing two Airbus A320-200 aircraft to FlyOne Armenia and Romanian Air Transport (TAROM). The August 18, 2026, announcement places one aircraft in Yerevan and another in Bucharest, providing critical operational relief during the peak European travel season.
The deployment highlights the ongoing reliance on wet-lease operators to bridge fleet shortfalls across the industry. In a statement released on social media, Avion Express confirmed the new partnerships, noting that the aircraft will support both airlines’ immediate capacity needs.
Bridging the gap for TAROM
For TAROM, the Avion Express Airbus A320-200 serves as a direct mitigation strategy for delayed aircraft deliveries. The Romanian carrier has faced multiple setbacks in the delivery and commercial debut of its first Boeing 737 MAX 8 aircraft.
According to scheduling data from AeroRoutes, the Boeing 737 MAX 8 was originally expected to enter service in mid-July 2026. This target was subsequently pushed to mid-August and is now revised to September 2026.
To maintain its summer schedule, TAROM has deployed the wet-leased Airbus A320-200 on key European routes out of Bucharest. The aircraft is currently scheduled to operate flights to Amsterdam, Cluj, Frankfurt, and Madrid.
Boosting single-aisle capacity in Yerevan
The second Airbus A320-200 is based in Yerevan, Armenia, to support FlyOne Armenia. The carrier has been actively expanding its fleet and network footprint.
Data from ch-aviation indicates the wet-leased aircraft is being utilized to boost single-aisle capacity during the high-demand summer months. Avion Express described the dual deployments as an opportunity to provide reliable support and adapt to fresh operational challenges.
AirPro News analysis
We observe that the ACMI market remains exceptionally tight in the summer of 2026. TAROM’s situation illustrates the cascading effects of Original Equipment Manufacturer (OEMs) delivery delays. When manufacturers miss delivery targets, airlines are forced to turn to operators like Avion Express to protect their schedules and avoid passenger disruption. This dynamic ensures that wet-lease demand will likely remain elevated as long as supply chain and production bottlenecks persist.
Sources: Avion Express
Photo Credit: Avion Express
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