IAG International Airlines Group is eyeing an acquisition of flybe. (2002) (Exeter), the Sunday Telegraph has reported. Virgin Group and Stobart Group have also been reported as potential investors.
According to industry sources, flybe. is particularly interesting to IAG given the regional airline's presence at London Heathrow. As such, it could provide a solid feeder network to British Airways (BA, London Heathrow). According to the ch-aviation capacity module, flybe. currently operates 46 weekly departures out of the British gateway, connecting it with Scottish airports at Edinburgh and Aberdeen Dyce.
British Airways itself currently operates 292 weekly domestic departures out of Heathrow and, besides Edinburgh and Aberdeen, also serves Glasgow International, Manchester International, Newcastle, GB, Belfast City, Leeds/Bradford, and Inverness.
flybe. announced in mid-November that it was pursuing a sale as one of the various cost-cutting options available to it. Sky News earlier reported that Virgin Atlantic (VS, London Heathrow) was negotiating a bid. Stobart Group, which already unsuccessfully tried to acquire flybe. earlier this year, is also reportedly interested in submitting a new offer.
Separately, cash-strapped flybe. has also secured an additional GBP9 million pounds (USD11.6 million) in emergency funds through the sale of a part of its headquarters and a loan.
