The proposed acquisition of UK air carrier Flybe by Connect Airways has been approved by the European Commission.
Connect Airways, a consortium by Virgin Atlantic, Stobart Aviation and Cyrus will jointly control Flybe, Propius and Stobart Air following the merger.
In March, Flybe shareholders approved the recommended cash offer for Flybe by Connect Airways.
The share capital of Connect Airways is owned 30% by Stobart Aviation Limited, a wholly owned subsidiary of Stobart Group Limited.
A further 30% is owned by Virgin Travel Group, the holding company of Virgin Atlantic Airways, and 40% by DLP Holdings S.à.r.l., a Luxembourg company wholly-owned by funds managed by Cyrus Capital Partners LP.
Connect Airways has also acquired Stobart Air's wet lease operations and aircraft leasing business.
Commenting on the receipt of merger control clearance, Warwick Brady, CEO of Stobart Group said: "We are pleased to have received merger control clearance which means that Connect Airways can now progress with an exciting future based on a low-cost customer-centric regional connectivity strategy."
In June, Connect Airways announced the appointment of Mark Anderson as its new CEO.