FRANKFURT–Icelandair agreed to buy its local rival WOW Air, the company announced Nov. 5, likely ending a painful battle for dominance at both carriers’ Keflavik home base. The two airlines will continue to operate under their current brands and as separate entities following different models, according to the takeover agreement. The combined group will control more than 80% of the capacity offered at Keflavik airport, though only 3.8% of transatlantic capacity overall. ...

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