StockMarketWire.com - Ryanair said it had agreed to acquire startup airline Malta Air and would move some of its fleet to Malta as part of the deal.

The budget carrier would initially shift its Malta-based fleet of six Boeing 737 aircraft at completion of the transaction, expected by the end of June.

It would then grow the fleet to 10 aircraft within three years.

The Malta-based fleet would be branded in Malta Air colours for summer 2020.

'Malta Air will proudly fly the Maltese name and flag to over 60 destinations across Europe and North Africa as we look to grow our Maltese based fleet, routes, traffic and jobs over the next three years,' chief executive Michael O'Leary said. At 2:53pm: [LON:RYA] Ryanair Holdings PLC share price was +0.07p at 10.62p

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