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U.S. Discount-Airline Mogul Steps In to Rescue Iceland’s Wow

  • Franke reaches preliminary accord to invest undisclosed sum
  • Indigo pact came hours after Icelandair walked away from deal
Updated on

U.S. private-equity firm Indigo Partners agreed to invest an undisclosed sum in Iceland’s Wow Air Hf, breathing new life into the discount carrier just hours after another suitor walked away.

Indigo is led by William Franke, who has founded or invested in low-fare carriers around the globe. Terms of the preliminary agreement weren’t disclosed in a statement from the companies Thursday.