Latvian airline A/S Air Baltic Corporation (airBaltic) was founded in 1995. Its primary shareholder is the Latvian state, which holds 80.05% of the stock, while Lars Thuesen holds around 20% through his fully-owned Aircraft Leasing 1 SIA. airBaltic is a hybrid airline taking the best practices both from traditional network airlines and low cost carriers.
In 2008, airBaltic changed its operating model from a point-to-point carrier to a network airline making Riga a connecting hub between East and West.
airBaltic, legally incorporated as AS Air Baltic Corporation, is the flag carrier of Latvia, with its head office on the grounds of Riga International Airport in M?rupe municipality near Riga. Its hub is at Riga International Airport with further bases at Tallinn Airport and Vilnius Airport.