Spain's Lusat is West Atlantic’s new majority shareholder

Spain’s Lusat, which owns Swiftair and Aviation Leasing Services, has taken control of European regional air cargo carrier West Atlantic. An MoU signed yesterday will see West Atlantic refinanced and new shares issued in exchange for a €20m cash injection. Due to the possible departure of the UK from the EU on Friday, the agreement called for the shares to be issued before that. West Atlantic’s chief executive, Lars Jordahn, said he was “delighted to welcome” Lusat as the company’s new majority shareholder.