Regional carrier Flybe sold its assets to the Virgin Atlantic-led consortium, Connect Airways. The sale was announced last month, with Virgin Atlantic, developing Connect Airways as a new company in partnership with Stobart Group and Cyrus Capital.
Before the purchase was finalized, an alternative rescue option was rejected from a U.S.-based group. After that, Connect Airways was left to complete the acquisition of all Flybe assets and operations, including subsidiaries Flybe Ltd and Flybe Aviation Services Ltd.
In a statement, Flybe said:
“The Flybe directors strongly advise shareholders to vote in favour of the Scheme at the shareholder meetings on March 4, 2019 in order to receive the consideration under the Scheme of 1 pence per share as otherwise shareholders are likely to receive no value for their shares in the Company.”
The deal will likely mean the end of the Flybe brand, as it will likely be absorbed and rebranded as Virgin Atlantic. Flybe flights will continue to operate as usual.
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