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Virgin Atlantic nears takeover of Flybe - Sky News

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Virgin Atlantic nears takeover of Flybe - Sky News
FILE PHOTO: A Flybe Bombardier Dash 8 Q400 airplane taxis at City Airport in London, Britain, September 3, 2018. REUTERS/Hannah McKay   -   Copyright  Hannah Mckay(Reuters)
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(Reuters) – British regional airline Flybe Group Plc <FLYB.L> is close to being taken over by a consortium led by Richard Branson’s Virgin Atlantic, Sky News reported on Thursday.

An offer for Flybe worth significantly less than the company’s closing share price on Thursday of 16.38 pence will be announced to the London Stock Exchange on Friday, Sky said, citing sources close to the deal.

Virgin Atlantic has agreed to team up with Stobart Group Ltd <STOB.L>, Flybe’s other suitor, to form a new company that will also include the Stobart Air franchise operation, the report said.

Virgin Atlantic, Flybe and Stobart were not immediately available for comment on the report outside regular business hours. Virgin Atlantic said on Wednesday it was looking at a range of options for Flybe, including a takeover offer.

(Reporting by Rama Venkat in Bengaluru; Editing by Jan Harvey)

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