flybe confirms IPO plans
flybe announced (30-Nov-2010) plans for an IPO to fund aircraft acquisition and support growth plans, which includes expanding codeshare arrangements, entering strategic agreements and potential acquisitions (Dow Jones Newswires/Guardian/BBC News/Bloomberg, 30-Nov-2010). Europe’s largest regional airline will seek to raise GBP60 million in listing on the London Stock Exchange in Dec-2010, which would value the airline at GBP240 million. British Airways stated it plans to maintain its 15% stake in flybe. CEO Jim French is also expected to maintain his stake in the airline. Bank of America Merrill Lynch is reportedly the sole bookrunner on the float. [more]
flybe: "A listing will assist flybe in achieving the next stage in its exciting strategy for growth. The company has come a long way in a short time, from its origins as a provincial carrier to being one of Europe's leading regional airlines." Jim French, Chairman and CEO. Source, Dow Jones Newswires, 30-Nov-2010.
British Airways: "We are delighted to participate in the flybe IPO. Since our divestment of BA Connect to flybe in March 2007, we have been impressed with the achievements of flybe and its management team. We are committed to supporting flybe in its listing and capital raising, and wish Jim and the team every success as a public company." Willie Walsh, CEO. Source: Guardian, 30-Nov-2010.
Rosedale Aviation Holdings: "flybe has a proven and resilient business model with an experienced management team capable of realising significant future growth opportunities. Rosedale believes it is the appropriate time for flybe to maximise its growth potential through access to the capital markets. Rosedale has been a shareholder in the business for over 25 years and intends to remain a significant shareholder following the IPO and looks forward to participating in the future success of flybe as a listed company." Mark Chown, deputy chairman. Source: Guardian, 30-Nov-2010.