November 22, 2018 / 7:39 PM / in 23 days

UPDATE 1-Virgin Atlantic in talks to buy Britain's Flybe - Sky News

(Adds details from Sky report, Virgin and Flybe’s comments)

Nov 22 (Reuters) - Britain’s Virgin Atlantic Airways is in talks to acquire regional airline Flybe Group Plc, Sky News reported on Thursday, a week after Flybe said it was in talks to sell itself.

A tie-up with Flybe would provide opportunities to feed passenger traffic into Virgin Atlantic's long-haul network and access valuable take-off and landing slots at London Heathrow Airport, Sky News reported bit.ly/2r8FWQd, citing unnamed sources.

Virgin Atlantic’s main business is UK-to-U.S. flights. The company is owned by Richard Branson’s Virgin Group and U.S. airline Delta Air Lines.

The report did not mention any financial details. Flybe has a market capitalization of about 21 million pounds ($27 million), according to Refinitiv Eikon data.

Flybe and Virgin Atlantic declined to comment.

Flybe issued a profit warning in October citing weakening demand, higher fuel costs and a weaker British pound.

Sky News had previously reported that Stobart Group Ltd was likely to be one of the potential suitors for Flybe.

$1 = 0.7763 pounds Reporting by Shubham Kalia in Bengaluru. Editing by Jane Merriman and Elaine Hardcastle

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below