Air Nostrum has completed its merger with CityJet, creating Europe’s largest independent regional aviation group.
The new entity, which will be known as Strategic Alliance of Regional Airlines (SARA), will be controlled by Air Nostrum’s current shareholders through an investment vehicle called Air Investment Valencia, which will hold 80% of its shares. CityJet’s current shareholders will keep the remaining 20%.
SARA will have a combined fleet of 74 aircraft, 48 of which are operated by Air Nostrum.
The two operators have a similar business model, operating regional and feeder routes on behalf of other airlines. Air Nostrum operates mostly in Spain as a regional franchisee of Iberia and CityJet does so in Scandinavia for SAS.
On October 17, 2023, Air Nostrum posted a €19.6 million profit on €494 million revenue for the 2022 fiscal year. The Valencia-based airline carried 4.43 million passengers in 2022, an increase of 55% compared to the previous year and representing an average load factor of 77%.