BMI snapped up by BA owner
Midlands airline BMI has been bought by British Airways owner International Airlines Group (IAG), it was revealed this morning.
IAG said it had reached an undisclosed agreement with BMI's parent company Deutsche Lufthansa AG (Lufthansa) to purchase the airline.
BMI, which flies from Birmingham Airport, has been the subject of takeover talk for several months. The airline's coveted Heathrow slots had reportedly attracted interest from several potential buyers including Sir Richard Branson's Virgin.
This morning, IAG said it had reached "an agreement in principle" for the sale of Derby-based BMI from its current parent.
IAG said this morning: "The sale and closing of the deal remain subject to conditions including a binding purchase agreement, further due diligence and regulatory clearances.
"It is envisaged that the purchase agreement will be signed in the coming weeks and the aim is for the transaction to be completed in the first quarter of 2012."
Although no figures have been released, reports suggest the airport's pricetag stood at about £300m.
