Paraguayan airline Paranair has been sold to a new owner.
According to reports that appeared in local media, all of Paranair’s shares were acquired by Canadian and Bolivian investors in February 2026, but the deal was only made public in late May.
The Canadian investor, a firm called International Airways Holding, has acquired the bulk of Paranair’s shares at 95%, leaving the remaining 5% reportedly in the hands of Bolivian businessman Marco Paniagua.
The financial details of the deal, which also includes Paranair’s MRO division, have not been disclosed.
The Paraguayan aviation authority (DINAC) is currently performing an assessment of the new shareholders, a requirement which is needed to issue or renew the carrier’s air operator certificate (AOC).
The airline’s current management team, led by its Spanish CEO, Jaime Cassola, appears to have also been left in place by the new owners. Cassola has been quoted in Paraguayan media as saying that the investment sets the basis for the airline’s further growth in the region.
While a small operator by international standards, Paranair is the largest airline based in Paraguay, operating a regional network out of the country’s capital, Asunción (ASU) with a fleet of three 50-seater Bombardier CRJ200LR regional jets.
Until now, Paranair was jointly owned by another Canadian firm, Avmax Group, and the parent company of Spain’s regional airline Air Nostrum, with each investor holding a 50% stake in the airline.
