Low-cost carrier Flybe has agreed to partner with Ryanair to create Flybe Ireland if Ryanair’s takeover of Aer Lingus is green-lit.
Flybe said this morning that it had reached agreement with Ryanair over the possible transfer of a number of aircraft and operating routes as part of a remedy package to win approval from the European Commission for its bid for Aer Lingus.
Ryanair, Europe's leading low-cost carrier, is making its third takeover attempt of Aer Lingus and needs to make concessions that would retain competition in air transport to and from Ireland.
Flybe will pay Ryanair €1m to acquire the new company, and Ryanair will transfer 43 European routes to Flybe Ireland, nine Airbus A320 aircraft, crew and give it a cash injection of €100m.
"Flybe Ireland will be a well-capitalised, well-funded company, enabling us to deliver upon that strategic aim," said Flybe chairman and chief executive Jim French.
City A.M. Reporter