Ryanair Holdings Plc agreed to buy an Austrian airline from former Formula One motor racing champion Niki Lauda.

The company plans to eventually obtain a majority stake in LaudaMotion, the carrier’s holding company.

Lauda will become chairman of LaudaMotion, and will oversee the rebuilding of Niki after losing the carrier a few months ago. Ryanair will also invest 50 million euros to help the carrier get back to business and grow their fleet to 30 by the end of the third year.

An initial purchase of 25 percent will grow to 75 percent over time, and then the company will be sent to the European Union for approval as a majority stakeholder.

Read more at Skift