CityJet today has confirmed that it advised Stobart Group this morning that it was withdrawing from all negotiations in relation to the potential acquisition of its airline subsidiary, Stobart Air, and the operation of services from London Southend Airport.
CityJet Executive Chairman and CEO, Pat Byrne said:
“In my experience, most significant corporate transactions have a certain life and, if completion is not reached within that window, the dynamics shift and people tend to move on. Naturally, we are very disappointed as we have been highly motivated to try to finalise this deal. We saw Stobart Air as a really good fit for our growing business.”
“The process became protracted over several months and, in the circumstances, we presented Stobart with a deadline for completion. The deadline lapsed this morning and, consequently, we have withdrawn from the process. It is unfortunate that it has not been possible to reach agreement with Stobart.”
“CityJet will continue to develop our aggressive growth strategy in Europe but regrettably this will not now include the acquisition of Stobart Air.’’