Flybe to double in size on British Airways deal
4 November 2006UK airline Flybe bought British Airways’ struggling regional unit on Friday as part of plans to double the size of the airline and cut costs ahead of a stockmarket flotation in two years.
Flybe, a regional carrier based in southwest England, said it had agreed to buy BA Connect, a loss-making unit of British Airways, which it would use to expand its network in Europe.
The airline declined to give details of the deal but British Airways said it had taken a GBP106 million (USD$201.5 million) impairment charge on the sale and would take a 15 percent stake in Flybe under the deal.
source: Airwise
