Because Stobart Air operates the Aer Lingus Regional service under a franchise agreement, the proposed acquisition of the regional airline by CityJet needed to be approved by the Irish flag carrier, which it has now provided. The takeover of Stobart Air by CityJet, which is estimated to be worth as much as €80 million, could be closed by August.
Also included in the deal will be the acquisition by CityJet of Cayman Islands leasing company, Propius, co-owned by Aer Lingus, which owns the Stobart Air turboprop fleet.