SN Brussels and Virgin Express agree to merge

After long negotiations, SN Brussels Airlines and Virgin Express have agreed to merge. Both airlines are to be subsidiaries of SN Airholding. Virgin Express Holdings Plc will own 29.9% of SN Airholding’s share capital, and SN Brussels’ current shareholders will own the balance. The two airlines will continue to operate separately, SN Brussels as a full service airline and Virgin Express as a low-fare airline. The transaction is subject to approval by competition authorities. Assuming this is received, the transaction is expected to be completed in early 2005. SN Brussels operates five BAe 146-200s, fourteen Avro RJ85s, and twelve RJ100s. They had intended to select a replacement, but have put off a decision.

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