Two airlines are joining forces to create the largest pan European regional airline group.
Air Nostrum and CityJet announced today that they have signed a Heads of Terms with the aim to bring about closer co-operation between the two airlines under the umbrella of a new holding company.
This development is subject to getting regulatory approvals and the preparation of the relevant filings has begun.
The coming together of these two regional airlines would see the creation of the largest pan-European regional airline group.
"By coming together, we believe we will be in a position to respond to the specific needs of customer airlines through our flexibility in the provision of safe, dependable and quality assured operations," said Pat Byrne, CEO of CityJet.
The consolidated annual gross revenue of Air Nostrum and CityJet would be circa €700m and they would have a combined fleet of close to 100 aircraft.
Air Nostrum, which employs 1,450 people, is especially well known as the regional operator for Iberia. It flies to more than 60 destinations within Europe and Africa, with a fleet of 50 aircraft, including 30 Bombardier CRJ1000 regional jets.
CityJet employs 1,250 people across nine European countries and operates an extensive regional network of services. It is based in Dublin and has a fleet of 44 aircraft based in nine locations across Europe. This fleet includes 22 new Bombardier CRJ900 regional jets acquired specifically for wet lease services.
The two airlines are both now close to their 25th year of operation.
"By CityJet and Air Nostrum finding a formula for combining their respective resources in terms of aircraft, crew and support services, this will undoubtedly result in a far more comprehensive and cost-effective option for leading airlines in Europe to outsource their regional networks with confidence in the strength of this proposed new entity as an ideal partner for such activity," said Carlos Bertomeu, President of Air Nostrum.