Global Airways’ acquisition of a holding in the transaction was completed

Global Wings will pay about $ 5 million, and Kenneth M. Woolley an additional $ 4 million and a total of $ 9 million. Global Wings will hold 49.9% of the Cypriot airline

A TUS Airways plane is parked in Haifa. PR photo

A transaction to purchase holdings in the company has been completed Fly airways Cypriot by Global Wings In common with Kenneth M. Woolley, In the amount of $ 9 million. Global Wings will hold 49.9% of the issued capital of Toss Airways. The transaction was completed after approval by the Global Wings board of directors and after the conditions were met. Until the completion of the transaction, Woolley held all the shares of the Cypriot company.

Subject to the conditions set forth in the transaction, Global Wings will pay approximately $ 5 million, which will be invested in the Airways flight and Woolley will invest $ 4 million in the flight, which will also include amounts already invested in the Airways flight, and a total of $ 9 million. Pursuant to the agreements between the parties, Tos Airways will be allotted new shares and a certain transfer of shares will be made between Woolley and Global Wings, which upon completion of the transaction will hold Global Wings 49.9% of the issued capital of Tos Airways.

Toss Airways is a Cypriot airline that began operations in 2016. As Cyprus is part of the EU, Fly Airways is subject to the European Aviation Regulations (in addition to the authorities in Cyprus), which apply to other European airlines, including airline agreements and flight capacity within the EU and between the EU and Israel and other countries in the world.

In this context, it should be noted that since the provisions of European regulation and Cypriot law stipulate that the issuance of a commercial operating license to an airline in Europe is subject to the controlling shareholder of Airways being a citizen of the European Union, the investment agreements establish mechanisms to ensure this condition.

In 2019, Fly Airways discontinued its commercial operations and made manpower adjustments accordingly. During the last period, Tos completed the acquisition of two Airbus 320-200 leases, the payment for which in the first period of these agreements is in accordance with the actual use of the aircraft. The company returned to commercial activity in early July 2021.

In the first phase, and following operations that began in early July 2021, Fly Airways will operate flights between Israel and Cyprus, and between Israel and Cyprus to destinations in the Mediterranean Basin, depending on market demand and bookings from various travel agencies with which Fly Airways is affiliated, Relevant.

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