XL Airways France (Paris CDG) and La Compagnie (B0, Paris Orly) have formally announced plans to merge following months of secretive talks.

A joint communique issued Friday, December 2, said the new XL Airways–La Compagnie Group would have annual revenue of over EUR400 million with a workforce of over 800 employees, including two tour operators, Héliades and Crystal.

"The capital of the two companies will benefit from the support of shareholders, of international and French family offices, all under DreamJet Participations, La Compagnie’s holding company," it said.

In terms of personnel changes, La Compagnie’s founder and CEO, Frantz Yvelin, has resigned with XL Airways CEO Laurent Magnin to assume control of the newly consolidated carrier group.

The merger's financial details were not disclosed nor were its long term operational consequences.

At present, the two airlines operate in different segments of the French intercontinental market. La Compagnie operates VIP-configured B757-200s on flights between France and the United States while for its part, XL Airways specializes in leisure/budget longhaul flights to the Caribbean, the United States, and the Indian Ocean.