IAG Sells BMI Regional

 - June 5, 2012, 4:30 AM

International Airlines Group (IAG) has signed a binding agreement to sell Aberdeen, Scotland-based BMI Regional to Sector Aviation Holdings for £8 million ($12.9 million) in cash. The sale includes all BMI Regional’s fixed assets and long-term liabilities, including owned and leased aircraft.

BMI Regional flies a fleet of 18 Embraer ERJ 145s and ERJ 135s throughout the UK and Northern Europe. IAG chief executive Willie Walsh said the deal “should” secure some 330 jobs.

IAG described Sector Aviation as a consortium of businessmen with “considerable” aviation experience, including the team previously known as Granite Aviation, led by Ian Woodley. Loganair investors Stephen and Peter Bond fund the business.