Iceland's Straumur-Burðarás Investment Bank has sold its stake in French holiday carrier XL Airways France to X-Air Aviation, three years after putting the carrier up for sale.
The investment bank acquired the French carrier in 2008, after the collapse of XL Airways France parent company XL Leisure Group.
X-Air Aviation's parent, Swiss-US investment group BeachSide Capital Partners, has purchased the French carrier and says it is looking to recreate a dynamic airline group in Europe. It acquired XL Germany in November 2011.
BeachSide Capital Partners' managing director of European merger and acquisition, Jean Claude Wehrle, says: "XL Airways France and XL Germany complement each other. Together they create a strong airline in the European sky."
Paris Charles de Gaulle-based XL Airways France, which was formerly branded as Star Airlines, operates two Airbus A330-200s, one A320-200 and three Boeing 737-800s. It is expected to lease a new A330-300 from GECAS in December.