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Herbert Smith Freehills advises Virgin Atlantic and Virgin Group on consortium acquisition of Flybe

08 March 2019 | London
Deals and cases

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Herbert Smith Freehills is advising Virgin Atlantic on the acquisition of Flybe and Flybe.com (the operating subsidiaries of Flybe Group) by Connect Airways, a joint venture company owned by Virgin Atlantic, the Stobart Group and Cyrus Capital, and associated £100 million financing for Flybe.

The transaction was announced on 15 January 2019 (following the announcement of an offer under the UK Takeover Code by Connect Airways for Flybe Group on 11 January 2019) and completed on Thursday 21 February 2019 following the satisfaction of conditions precedent to the sale and purchase agreement.
 
The offer for Flybe Group was approved by Flybe shareholders at a meeting to vote on the scheme of arrangement on 4 March 2019 and will be implemented following sanction by the court.
 
The team advising Virgin Atlantic on the transaction includes:
 
Corporate partner Ben Ward is advising Virgin Group, the 51 percent shareholder in Virgin Atlantic, in connection with the transaction.
 
"We are delighted to once again be working with our longstanding clients Virgin Atlantic and the Virgin Group on another complex, strategic transaction in the aviation sector," said corporate partner Robert Moore. "Having recently advised both Virgin Atlantic and Virgin Group on the landmark expanded transatlantic joint venture with Air France-KLM and Delta Air Lines, we've been excited to be a part of a transaction which will create a fully-fledged UK network carrier under the Virgin Atlantic brand."
 
The firm's work on this transaction demonstrates the depth and breadth of the team's expertise, from public takeover expertise to complex competition and regulatory aspects, to aviation financing, and has involved teams from across the global network.
 
HSF previously advised Virgin Group and Virgin Atlantic on the landmark expanded transatlantic joint venture between Virgin Atlantic Airways, Air France-KLM and Delta Air Lines and sale of 31 percent of Virgin Atlantic to Air France-KLM by Virgin Group for £220 million.

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For further information on this news article, please contact:

Lydia Lam, Communications Lead

London
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+44 20 7466 3139