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Ryanair buys Buzz
Friday, 31 Jan, 2003
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Ryanair has revealed plans to buy its smaller rival Buzz from KLM for a reported £15 million.
As a result of the deal, Ryanair said it would close a number of Buzz’s unprofitable routes, while increasing the frequency and reducing the cost of other routes.
At present Buzz operates on 21 routes from Stansted, to Germany, Spain, France and the Netherlands.
“The timing of this acquisition is opportunistic,” said Ryanair chief executive Michael O’Leary.
“Since Ryanair is growing strongly by rolling out our lowest fare services all over Europe, the last thing we need is the distraction of an acquisition”.
“However there are a number of features of Buzz which makes this a favourable move at this time,” added Mr Leary.
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