Maltese Government Sells Stake in Malta Air to Ryanair

Maltese Government Sells Stake in Malta Air to Ryanair

Transfer of Ownership

The government of Malta has divested its golden share in Malta Air to Gulliver Holding Limited, a subsidiary of Ryanair Holdings, thereby granting Ryanair full ownership of the low-cost carrier. According to a filing with the Malta Business Registry, the transfer involved a single ordinary B share with a nominal value of EUR 1 (approximately USD 1.14) and was executed on June 12, 2024. However, the transaction was only made public in January 2025. Gulliver Holding Limited exercised a call option outlined in a shareholder agreement dated June 11, 2019, which permitted the acquisition of the government’s stake in the airline.

Significance of the Golden Share

The golden share previously held by the Maltese government conferred significant control rights, including the ability to veto any sale of the airline to third parties or the relocation of its operations outside Malta. Additionally, it granted the government ownership rights over the Malta Air brand. The sale of this golden share was conducted under a fixed-price buyout agreement for EUR 25,000 (approximately USD 28,500), as reported by the Times of Malta.

Neither Ryanair nor the Maltese government has issued a public statement regarding the share transfer. Requests for comment from both parties by ch-aviation have not yet been answered.

Background and Operations

Malta Air was established in 2019 as a joint venture between Ryanair Holdings and the Maltese government. Operating as a subsidiary of Ryanair, the airline holds a Maltese Air Operator Certificate (AOC) and maintains several bases across Europe. According to ch-aviation Commercial Aviation Aircraft Data, Malta Air currently operates a fleet of 179 commercial passenger aircraft, comprising 136 Boeing 737-800s and 43 Boeing 737-8-200s.