Flybe brand will be disappearing, as Virgin Atlantic and Stobart Aviation have established a joint company, with Connect Airways, to acquire UK regional operator Flybe.
The new company will buyout Flybe for under a £2.2 million cash offer. It is the biggest downfall for Flybe, which was worth more than £300m less than five years ago.
The consortium would also inject £100m into the financially struggling airline, in the form of a £20m working capital loan and £80m to invest.
The new management plans to rebrand Flybe, and said the airline will continue as an independent operating carrier with a separate Air Operator Certificate, under the Virgin Atlantic brand.
Flybe has 78 aircraft, and has been suffering from higher fuel costs, currency fluctuations and significant uncertainties presented by Brexit.