Títan Investments, a company solely owned by WOW air CEO Skúli Mogensen, increased its share in the budget airline by ISK 655 million (EUR 4.5 million/USD 5.2 million) in December 2014.
Títan’s total investment in WOW air therefore totals ISK 2.16 billion (EUR 14.9 million/USD 17 million) since the airline was launched in 2011, DV reports.
The capital increases were notified to the internal revenue service’s registry of companies on September 3.
According to the announcement, it was agreed to increase the capital of WOW air to a total of ISK 26.2 million to a nominal value of 25. The deal was paid for in cash and equity and the airline’s equity amounted to ISK 86,807,844 after the increase.
Títan Investments explains that the increased investment is made to support WOW air’s continued rapid growth.
WOW air is Iceland’s second-largest airline and recently started flights to the USA, in addition to its established European schedule. It has new planes on order and continues to announce new destinations.