Stobart Group PLC (LON:STOB) is taking tighter control of the its airline and aircraft leasing businesses in a two-part deal with the City investor Invesco Asset Management.
It has agreed to pay £12mln for 33.3% of Propius, the leasing operation, taking its holding to 66.6%.
It is also handing over £500,000 to Invesco for a stake of up to 40% of Everdeal, the holding company for Stobart Air. As a result it will own up to 80% of the regional carrier, which operates out of Dublin in the Aer Lingus livery.
The leasing and airline businesses recorded profits of £6.1mln and £447,000 respectively last year.
Stobart, as well as being a transport, infrastructure and support services group, owns Southend Airport in Essex.
It said of today’s deals: “These transactions will enhance Stobart's flexibility in building new passenger routes at London Southend Airport with the aim of increasing passenger numbers to a run rate of over 2. 5mln per year by 2018.”