Bri­tain’s Vir­gin At­lantic con­sor­tium agrees to buy Flybe

Oman Daily Observer - - BUSINESS -

LON­DON: A con­sor­tium led by Bri­tain’s Vir­gin At­lantic said it will buy ail­ing no-frills air­line Flybe for £2.2 mil­lion ($2.8 mil­lion, 2.4 mil­lion eu­ros).

The group, in­fra­struc­ture which spe­cial­ist in­cludes Sto­bart and in­vest­ment firm Cyrus Cap­i­tal Part­ners, said in a state­ment that their joint ven­ture Con­nect Air­ways will pay just one pence per share un­der the deal. Con­nect Air­ways will also pur­chase Sto­bart Air, which is Sto­bart Group’s re­gional air­line and air­craft leas­ing busi­ness.

“Cyrus, Sto­bart Group and Vir­gin At­lantic be­lieve that com­bin­ing Flybe and Sto­bart Air in a more in­te­grated com­mer­cial co­op­er­a­tion with Vir­gin At­lantic’s long-haul op­er­a­tions will cre­ate a fully-fledged UK net­work car­rier un­der the Vir­gin At­lantic brand,” they said in the state­ment.

Flybe had put it­self up for sale in Novem­ber after tak­ing a ma­jor hit from weak pas­sen­ger de­mand, ris­ing fuel costs, a strug­gling pound and Brexit tur­moil.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.