Icelandair Group is buying rival Wow Air in a major consolidation of the Icelandic aviation market.

The two airlines will continue to operate as separate brands and neither side has so far revealed a price or terms of the deal, which was announced Monday.

Together the pair will have around 3.8 percent of the transatlantic aviation market.

The deal is still subject to Icelandair shareholder approval and due diligence. It must also get sign off from Icelandic competition regulators.

“A new chapter now starts where Wow air gets an opportunity to grow and prosper with a strong backer like Icelandair Group that will strengthen the foundations of the company,” he added, “and strengthen its international competitiveness even further.“