5 Jul 2019 14:33
This announcement contains inside information
5 July 2019
Stobart Group Limited
("Stobart Group") or the "Company")
Receipt of merger control clearance
Stobart Group announces that it has today been notified that its aviation joint venture, Connect Airways Limited ("Connect Airways") has received merger control clearance from the European Commission for its acquisition of Flybe Limited. Further details in connection with Connect Airways are contained in Stobart Group's announcement on 11 January 2019.
As announced previously, the share capital of Connect Airways is owned 30% by Stobart Aviation Limited, a wholly owned subsidiary of Stobart Group Limited, 30% by Virgin Travel Group Limited, the holding company of Virgin Atlantic Airways Limited, and 40% by DLP Holdings S.à.r.l., a Luxembourg company wholly-owned by funds managed by Cyrus Capital Partners LP. Connect Airways has also acquired Stobart Air's wet lease operations and aircraft leasing business.
Commenting on the receipt of merger control clearance, Warwick Brady, CEO of Stobart Group said:
"We are pleased to have received merger control clearance which means that Connect Airways can now progress with an exciting future based on a low-cost customer-centric regional connectivity strategy."
The person responsible for arranging the release of this announcement on behalf of Stobart Group is Louise Brace, Company Secretary.
Enquiries:
Stobart Group Limited Charlie Geller, Head of Group Communications
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C/o Newgate Communications |
Newgate Communications Robin Tozer
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Tel: 020 3757 6880 Email: Stobart@newgatecomms.com
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