Air Nostrum Owners End Partnership with Fortress

The owners of Air Nostrum have reached an agreement with U.S. investment firm Fortress to end their partnership following the collapse of the Strategic Alliance of Regional Airlines (SARA), the holding company created to consolidate regional airlines in Europe.

Under the agreement, Air Investment Valencia, the investment vehicle controlled by Air Nostrum shareholders, acquired Fortress’ remaining 20% stake in SARA, giving the Spanish owners full control of the holding company. The move follows the loss of Irish carrier CityJet, which exited the group after restructuring under Ireland’s examinership process.

With CityJet no longer part of the alliance, Air Nostrum is considering winding up SARA and dissolving Hibernian, the Irish operating company established as part of the group’s international expansion. The airline said CityJet’s departure has not resulted in additional costs or financial losses, and there are no ongoing legal disputes between the parties.

Air Nostrum is now refocusing on its core Spanish operations, where it continues to operate regional services under the Iberia franchise agreement. The company has also exited overseas investments, including the recent sale of its 33% stake in Paraguayan carrier Paranair, as it streamlines its corporate structure and concentrates on its domestic market.