Virgin Atlantic, Stobart Group and Cyrus to acquire Flybe

14 January, 2019

Flybe and Connect Airways, a consortium consisting of Virgin Atlantic, Stobart Group and Cyrus Capital, agreed (11-Jan-2019) on the terms of a recommended cash offer for Flybe. Connect Airways will acquire the entire issued, and to be issued, share capital of Flybe. Stobart Group will also contribute Stobart Air and Propius Holdings into Connect Airways. Concurrent with the acquisition, Cyrus, Stobart Group and Virgin Atlantic have committed to make available a GBP20 million bridge loan facility to support Flybe's ongoing working capital and operational requirements. Connect Airways is a UK limited company and is 30% owned by Virgin Atlantic, 30% by Stobart Aviation and 40% by DLP Holdings, a wholly owned subsidiary of Cyrus Capital. [more - original PR]