State acquires majority of Finnish Aviation Academy Ltd
Today, on 1 July 2021, the State of Finland acquired 48.5 per cent of Finnair Plc's shares in the Finnish Aviation Academy Ltd. It now owns 98 per cent of the company. Finnair had previously announced, based on a shareholder agreement, that it wished to relinquish its ownership. The State paid a total of EUR 8.15 million for the acquisition. The Government decided on the matter in its plenary session on 10 June 2021.
Prior to the transaction, the State and Finnair each owned 49.5 per cent of the Finnish Aviation Academy Ltd, while the City of Pori owned one per cent. In connection with the transaction, the City of Pori increased its shareholding to two per cent. The restructuring in ownership will not have a direct impact on the company’s training activities.
The Finnish Aviation Academy provides training for professional aircraft and helicopter pilots. Well-functioning air connections are vital for Finland’s trade and economy, and it is essential to ensure the availability of skilled pilots. The Academy mainly receives its funding from a government grant paid by the Ministry of Education and Culture. The amount of the grant for 2021 is approximately EUR 6.8 million. The Finnish Aviation Academy began its operations in Pori in 2002.
Inquiries: Markus Katara, Ministerial Adviser, Prime Minister’s Office, tel. +358 295 160 357