Flybe Unit Signs Deal With Vueling For GBP4.5 Million In Gatwick Slots

LONDON (Alliance News) - Flybe Group PLC said on Friday its subsidiary Flybe Ltd signed an ...

Alliance News 11 January, 2019 | 4:39PM
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LONDON (Alliance News) - Flybe Group PLC said on Friday its subsidiary Flybe Ltd signed an agreement with Vueling Airlines SA, a subsidiary of International Consolidated Airline Group SA, to receive GBP4.5 million in slots at London Gatwick Airport.

The funds will be paid in two tranches, one due in the next few days for slots to be used for the summer of 2019, and the second is due in June for slots to be used during the winter of 2019.

Earlier on Friday, Stobart announced that it, alongside DLP and Virgin Atlantic Ltd, would be forming a joint venture called Connect Air Ltd to buy struggling budget airline Flybe Group PLC for GBP2.2 million. Connect Air also will buy Stobart's astobartirline and aircraft leasing business Stobart Air for GBP40 million.

DLP is owned by funders managed by Cyrus Capital Partners LP. It is subscribing to 16.5 million shares in Stobart at a price of 150 pence each, 4.7% of Stobart's entire share capital.

Shares in Flybe Group closed 78% lower at 3.68 pence, while Stobart Group's shares closed up 7.2% at 160.80p each on Friday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Stobart Group Ltd 101.00 GBX -2.70 -
International Consolidated Airlines Group SA 444.60 GBX -1.64 -
Flybe Group PLC 0.02 USD -33.33 -
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