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Article: Flybe nets BA connect in pounds1 takeover deal
- Article from:
- Western Morning News, The Plymouth (UK)
- Article date:
- November 4, 2006
- Author:
CopyrightCopyright 2006 Western Morning News, The Plymouth (UK). Provided by ProQuest LLC. (Hide copyright information)
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Westcountry airline Flybe has pulled off one of the most
impressive moves ever seen in the industry's game of chess by landing
British Airways' loss-making regional airline.
Flybe has taken over BA Connect, formerly Brymon Airlines, for a
nominal sum, effectively doubling its size overnight.
Flybe gains BA Connect's assets, made up largely of its aircraft,
plus funds for investment in the BA Connect fleet - a package worth a
total of pounds106 million.
In return, BA sheds itself of the struggling business, which was
losing around pounds1 million a month.
It will retain a 15 per cent stake in the new, enlarged Flybe,
which it could sell if Flybe eventually lists on the stock market.
BA ...