Deal Reached To Sell Aer Lingus Regional Service Operator Stobart Air
A deal has been reached to sell Aer Lingus Regional service operator Stobart Air.
Stobart Air's majority owner, aviation and energy infrastructure group Esken, has announced that it has signed an agreement for the sale of its entire shareholdings in Stobart Air Unlimited Company and Stobart Air (UK) Limited to Isle of Man company Ettyl Limited.
According to Esken, the sale is subject to certain change of control and bank facility consents, and is expected to be completed this month.
Esken was formerly known as Stobart Group, which said earlier this year that Stobart Air would be sold by the end of February.
Esken Executive Chairman Statement
In a statement published on Esken's website, Esken executive chairman David Shearer said, "This has been a difficult and protracted process to conclude given the impact of the pandemic on air travel. Stobart Air remains a critical part of connectivity between Ireland and the United Kingdom, and I am pleased that we have managed to secure the future of that business and its 480 staff under a new owner with ambitions to grow its network of routes. The sale of the airline presents a significantly better financial outcome than that resulting from a closure."
Aer Lingus Regional Service Contract
Stobart Air's contract to operate the Aer Lingus Regional service expires in December of 2022. It was revealed last year that Aer Lingus is seeking tenders to operate the service following the expiration of Stobart Air's current contract. Aer Lingus subsequently reportedly entered into exclusive contract acquisition talks with Emerald Airlines.
New Belfast And Dublin Services
As reported by The Irish Times, Stobart Air has announced that it is planning to launch a new route between Belfast City Airport and Cornwall, and a new route between Dublin and Exeter, the former of which is planned to launch in June and the latter of which is planned to launch in August.
According to The Irish Times, Stobart Air managing director Andy Jolly said that the launches of the planned new routes are subject to a timeline for the resumption of international travel that provides certainty for airlines, airports and customers.
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