Troubled UK regional airline Flybe has completed the sale of its operations to a consortium including Virgin Atlantic.
The deadline for the divestment was Friday and the transaction had been awaiting European Commission approval.
Connect Airways — which consists of Virgin, Stobart Air and Cyrus Capital — paid £2.8m for Flybe’s aviation and digital operations. Flybe is now left as a shell with no subsidiaries and no material assets except the cash, which will be used for rundown costs.
Connect’s offer of 1p-a-share for the shell company, valuing it at £2.2m, remains and Flybe’s board urged shareholders to accept it or face the company being wound down without receiving anything for their shares