A consortium led by Richard Branson's Virgin Atlantic and Stobart Group has agreed an offer to take control of airline Flybe, valuing it at £2.2m (€2.4m).
The board of Flybe has recommended the offer of 1p per share, which represents a significant markdown on the company's Thursday closing price of 16.38p.
The consortium, which also includes Cyrus Capital Partners, will form a joint venture called Connect Airways which will combine Flybe with Stobart Airways.
It will also provide a £20m (€22m) bridge loan to Flybe and £80m (€88.5m) of further funding to the combined group.
Flybe operates 78 aircraft and employs 2,300 people.
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