IAG signs agreement to sell bmi Regional

International Airlines Group (IAG) has signed a binding agreement to sell bmi Regional, based in Aberdeen, to Sector Aviation Holdings Ltd (SAH) for a total consideration of £8m in cash. The sale includes all bmi Regional’s fixed assets and long-term liabilities, including owned and operating lease aircraft. bmi Regional operates a fleet of 18 Embraer regional jets on scheduled services throughout the UK and Northern Europe. The sale is conditional upon CAA approval and it is anticipated that ownership will be transferred to SAH within two weeks. Sector Aviation is a consortium of businessmen with considerable aviation experience including the team previously referred to as Granite Aviation, led by Ian Woodley. The business is being funded by Stephen and Peter Bond who are also investors in Loganair.