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A consortium led by Britain's Virgin Atlantic on Friday said it will buy ailing no-frills airline Flybe for £2.2 million ($2.8 million, 2.4 million euros).
The group, which includes infrastructure specialist 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 - Stobart - Air - Stobart
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.
Sale - November
Flybe had put itself up for sale in November...
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