Laudamotion is now wholly owned subsidiary of Ryanair

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Vienna - Ryanair has taken over all shares of Laudamotion. So far, the Irish carrier was holding a 75 percent stake in the Austrian low-cost, while the other shareholder Niki Lauda held only 25 percent. The airline is now a wholly owned subsidiary of Ryanair.

Former Formula 1 driver and the founder of Niki Lauda will remain on board as Chairman of the Shareholders' Committee, said company CEO, Andreas Gruber.

In addition to the handover of the remaining shares to Ryanair, Laudamotion also announced today an ambitious growth plan. The carrier plans to increase the number of the aircraft in the fleet to 25 from 19 by the summer of this year, to 30 aircraft next year and to 40 aircraft through the 2021/2022 fiscal year. The company currently has no long-haul plans.

Since its foundation on 25 March 2018 as Laudamotion, the airline has made losses of around 140 million euros. The company assumes around 50 million euros loss in the second fiscal year. The airline expects a blue bottom line from the third fiscal year.