Icelandair divests remaining stake in Czech airline

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Icelandair Group has sold its entire interest in the Czech budget airline Travel Service, six years after embarking on a plan to acquire the carrier.

The group outlined plans in 2007 to take over Travel Service. But having taken an 80% share, it began to reduce its stake the following year as Iceland was engulfed by an economic crisis.

Icelandair Group says it has disposed of all remaining shares in Travel Service to other shareholders in the company.

It has not given the value of the transaction but says the sale "has no effect" on the Icelandair Group's profit and loss statement.