Weeks after low cost carrier, Viva Colombia acquired its 10th Airbus A320 and expanded its domestic network to include the Amazon port city of Leticia, the airline’s board of directors announced Tuesday that they signed a shareholders agreement to increase Irelandia Aviation’s stake in the business from 25% to 75%. The Dublin-based Irelandia Aviation is the world’s premier low cost carrier and owns Ryanair in Europe, Tiger Airways in Asia, Allegiant in the U.S and VivaAerobus in Mexico.

With Irelandia Aviation as the majority shareholder in VivaColombia, the board appointed William Shaw as CEO of the Rionegro, Antioquia-based airline. “Colombia is a country of dynamic growth in Latin America and the low rates of VivaColombia have been very well received since its launch in 2012,” stated the press release. “We firmly believe in the future of the company and will continue to grow the business as we go forward.” Irelandia currently owns a fleet of 420 aircraft worldwide.

Co-founders Juan Emilio Posada and Gabriel Migowski have resigned from their duties at VivaColombia.

Colombia’s low cost carrier currently flies 29 routes to 15 cities in five countries. The airline expects to transport 3,8 million passengers in 2016.