IAG sells BMI Regional to Sector Aviation Holdings for $12.8 million

International Airlines Group (IAG) (London) has signed a binding agreement to sell BMI Regional (Aberdeen) to Sector Aviation Holdings Ltd (SAH) for £8 million ($12.8 million) in cash. The sale includes all of 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 and flies to 14 destinations from UK regional airports. A name change is very likely.

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 (Glasgow).

IAG previously acquired BMI including BMI Regional and bmibaby from Lufthansa on April 20, 2012. Bmibaby remains unsold.

Copyright Photo: Antony J. Best.

BMI Regional Slide Show: CLICK HERE

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