Bird Aviation specializes in maintenance services for Airbus A320 and A330 aircraft.
Israir, the Israeli airline and tourism group, has agreed to purchase 50% of Cypriot MRO provider Bird Aviation for $3 million.
Cyprus is a popular tourist destination for Israelis and Israir said the investment in the Larnaca-based facility would boost its operational flexibility and growth.
“It should be noted that the company's management anticipates that the aforementioned transaction will give the subsidiary an advantage in operational flexibility, promote the company's growth strategy in connection with its ambition to increase the aircraft fleet of the subsidiary [Israir] and maintain the subsidiary's maintenance infrastructure in Israel and abroad,” Tel Aviv-headquartered Israir stated in a stock market filing.
Bird Aviation is EASA-approved for line and heavy maintenance on Airbus A320-family aircraft, including Neos, and for line maintenance on the A330ceo. Bird also provides aircraft redelivery and conversion services, Israir said.
Israir is transitioning to an all-Airbus A320 family fleet, and earlier this month signed a deal to sell its two remaining ATR72-500 turboprops.
However, its recent investment may raise eyebrows given that Israir was the recipient of state aid only a few months ago.
In November 2022, the company received almost $10 million of interest-free state aid in exchange for convertible bonds.
Later that month it also submitted a binding offer for Czech operator Smartwings for a transaction value of $44 million. Smartwings operates Boeing 737 aircraft.
In January, Israir said it had a 50% chance of completing the transaction but was still awaiting a decision from Smartwings.
