Mexico-based Mas has acquired a 49% stake in Malta-based carrier Galistair Trading in its effort to grow its footprint in Europe.
The transaction closed at the end of November, Mas confirmed to Cargo Facts.
Galistair Trading received its air operator certificate (AOC) from the Transport Malta Civil Aviation Directorate in January 2020.
Mas told Cargo Facts it had been evaluating the possibility of investing in Galistair Trading for a few months to build on commercial and technical agreements already in place between the two companies. Mas said it is bullish on the potential of the European market and is keen to take advantage of the possible synergies arising from a partnership with Galistair.
Galistair began operating one of Mas’ A330-300P2Fs (958, ex-China Southern) under its Maltese AOC on trans-Atlantic routes earlier this year. Mas has since also assigned its second A330-300P2F (964, also ex-China Southern) to Galistair for CMI operation, with the aircraft flying under the Maltese carrier’s certificate in November.
Mas told Cargo Facts it expects its next A330P2F around Q3 2023 but has yet to decide where the aircraft will operate. The carrier currently leases two A330-300P2Fs from CDB Aviation, two A330-200P2Fs from Altavair and three 767Fs from Cargo Aircraft Management.
Galistair Trading was a partner company of Spain-based Galistair but was not controlled by it, Mas told Cargo Facts. The Spanish company had been undergoing bankruptcy proceedings before the Mas transaction and was declared bankrupt earlier this year.
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[Edited to include clarification from Mas on the relationship between Malta-based Galistair Trading and Spain-based Galistair.]