Flybe in talks to buy bmi Regional and bmibaby
30.11.08
Flybe is in talks to buy bmi subsidiaries bmi Regional and bmibaby, according to the Mail on Sunday. The two airlines are not core to the strategy of bmi's new owner, Lufthansa, the newspaper reports, and would seem a good fit for Flybe.
Lufthansa agreed to take over bmi last month, subject to regulatory clearance, but the has indicated it is interested in bmi's long-haul routes and valuable Heathrow slots and not the two subsidiaries.
bmi Regional specialises in domestic flights, operating 17 routes, while bmibaby operates low-cost flights to 72 European destinations from UK regional airports. Both appear to fit in well with Flybe’s focus on low cost flights form regional airports.
According to the newspaper, Flybe is carrying out due diligence on the divisions that generate around 40 percent of bmi's turnover and could be worth up to £150m. The valuation would appear quite high in the current market.
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