Flybe buys Finnish airline

Flybe, Europe's largest regional airline, and Finnair have agreed to pay €25m (£22.6m) for Finnish Commuter Airlines (FCA), the country's largest regional air carrier.

Finnair said Flybe will pay 12m euros and Finnair 13m euros, both in cash, and set up a joint venture called Flybe Nordic.

Finnair said it will buy FCA's aircraft at market price and lease them back, and that its investment will be around 104m euros including the fleet's debt liabilities of 70m euros.