Virgin-backed Connect Airways completes Stobart Air, Flybe acquisitions

Virgin-backed Connect Airways completes Stobart Air, Flybe acquisitions

Virgin-backed Connect Airways completes Stobart Air, Flybe acquisitions

Accordingly, the sale by Stobart Aviation of its interest in Everdeal Holdings and Everdeal Holdings group companies to Connect Airways has completed.

Further to the announcement on 15 January 2019, Flybe Group announced that the share purchase agreement between Flybe and Connect Airways regarding the sale of Flybe's two operating subsidiaries, Flybe Limited (including Flybe Aviation Services Limited) and Limited, has completed in accordance with its terms on 21 February 2019.

"The combination of Stobart Air and Propius with Connect Airways is expected to bring benefits to customers, suppliers and employees, providing stability in a tough trading environment", read Stobart's statement on Friday morning.

The FTSE 250 firm also confirmed that the agreement under which it disposed of its entire holding in Propius had also become unconditional.

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Stobart Air now operates flights under franchise to the Flybe group, while Propius is an airline leasing firm.

The deal to purchase Flybe was originally announced last month, with Virgin Atlantic creating the new company along with Stobart Group and Cyrus Capital.

It is likely that the Flybe name will disappear from airports over the next few years as sources close to the group said it will focus on regional and domestic operations as well as feeding Virgin Atlantic flights.

A last-minute alternative rescue deal by a U.S. consortium was rejected this week, leaving Connect Airways to complete the acquisition of Flybe's assets and operations subsidiaries Flybe Ltd and Flybe Aviation Services Ltd.

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