Icelandic budget airline ceases operations unexpectedly; Cathay Pacific acquires Hong Kong Express

By MOOK Scenic Spots Family / Compiled Report
 
The Icelandic low-cost airline WOW Air suddenly announced on the 28th that it would cease operations, leaving many passengers already at the airport caught off guard, with thousands affected. In recent years, more and more people in Taiwan have enjoyed traveling to Iceland, and the Icelandic budget airline WOW Air was a popular option for getting there, giving budget travelers one less flight choice to fulfill their dream of seeing the Northern Lights.

Icelandic budget airline Wow Air ceased operations due to severe financial difficulties, with estimated debts of up to £150 million (NT$6 billion). After months of unsuccessful attempts to secure additional funding, it had recently been in talks with U.S. private equity firm Indigo Partners and Icelandic airlines regarding a potential acquisition, but no agreement was reached. Wow Air issued a statement saying, “All flights have been canceled.” It also mentioned, “Some airlines may offer discounted tickets, or ‘rescue fares,’ in response to this situation.”

Then, on March 27, Cathay Pacific acquired Hong Kong Express, the low-cost airline under HNA Group, for HK$4.93 billion (NT$19.4 billion). The deal is expected to be completed by the end of the year. It remains to be seen whether the routes and ticket prices of the two airlines will be adjusted in the future.

Cathay Pacific sees potential in the Asian low-cost airline market and plans to continue operating Hong Kong Express as a low-cost carrier. As an independently operated airline, Hong Kong Express’s services can complement Cathay Pacific’s business model, enhancing competitiveness in air travel to and from Hong Kong.
 

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