Owned and managed by Sri Lankan business magnate Gamini Wettasinghe, Peace Air has reportedly made a bid worth US$ 5.5 billion to acquire SriLankan Airlines and Mihin Air.

According to Peace Air, there will be no change to the SriLankan brand name or the livery, and there will also be no retrenchment of staff.

Peace Air has also signed an agreement with Lufthansa Consulting to conduct a due diligence test. Sources confirm that the airline will begin with the cancellation of all lease agreements for the existing 21 aircrafts and bring in 25 new aircrafts to increase capacity.

Furthermore, Peace Air has undertaken to bear the debt of both SriLankan Airlines (US$ 953 million) and Mihin Air (US$ 69 million).