Virgin Atlantic in talks over buying Flybe
Virgin Atlantic has reportedly been holding talks to takeover Flybe after the regional airline said it was looking for a buyer.
Sky News says Virgin ‘has opened discussions with Flybe’s advisers about making an offer for the London-listed company’.
Sources told Sky News that Virgin is interested in buying Flybe because it would open up opportunities to feed UK regional traffic into Virgin’s long-haul network, as well as access to valuable take-off and landing slots at London Heathrow Airport which are ring-fenced for domestic flights.
Virgin’s interest in Flybe comes four years after announcing the closure of Little Red, an earlier attempt to crack the domestic UK market.
The two carriers already operate a codeshare pact aimed at improving access to Virgin Atlantic’s long-haul routes for regional customers using the regional airline’s flights into Heathrow and Manchester.
Rothschild, the investment bank, is advising Virgin Atlantic on its interest in Flybe, Sky reports.
Sky said: "Although an offer from Virgin Atlantic for Flybe would not be large in monetary terms – the latter had a market capitalisation of just over £20m at Thursday’s closing share price – it would be a significant combination in a British aviation sector which is viewed as requiring further consolidation."
It added: "If Virgin Atlantic succeeded with an offer, the Flybe brand would also be unlikely to survive, according to industry analysts."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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