British Airways to buy France's l'Avion
British Airways has agreed to buy small French business airline l'Avion for €68 million and it will become part of its new OpenSkies unit.
L'Avion started in January 2007 and has transported 65,000 passengers. The acquisition price includes l'Avion's cash reserves of €33 million.
Privately-owned l'Avion was originally called Elysair and specializes in business travel. It was one of the last remaining trans-Atlantic all business airlines as the sector was savaged by high fuel prices and cutbacks on business travel.
It was founded by pilot Frantz Yvelin and Marc Rochet, chief executive, who formerly ran Air Liberte. (Reuters)
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