European Commission approves the creation of a joint venture between Fortress Investment Group and Air Investment Valencia
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture between Fortress Investment Group, of the US, and Air Investment Valencia, of Spain. It will combine the activities of CityJet of Ireland and of Air Nostrum of Spain.
Fortress Investment Group (“Fortress”) is a global investment management firm, which manages assets on behalf of institutional clients and private investors worldwide. Air Investment Valencia, through a subsidiary, is active, among other things, as aircraft dry lessor and provider of fleet supply services to air operators. It is also active in the operation of air routes between Europe and Africa, mainly through charter flight and wet-lease services.
The activities of CityJet and Air Nostrum overlap in the provision of wet-leasing services to airlines and charter flights. The Commission concluded that the proposed transaction would raise no competition concerns, because the companies have moderate market shares, a sufficient number of competitors remains on the market and the barriers to entry are low.
The transaction was examined under the normal merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.9062.