British Airways’ owner IAG has signed a deal to sell Bmi Regional to Sector Aviation Holdings for £8 million.
IAG said the deal would include all of Aberdeen-based Bmi Regional’s 18 Embraer regional jets which fly to 14 destinations from UK regional airports.
IAG chief executive Willie Walsh said: "This deal provides a future for Bmi Regional and should secure around 330 jobs".
Sector Aviation is a consortium of businessmen being funded by Stephen and Peter Bond who are also investors in Loganair. The group includes the team previously known as Granite Aviation which agreed a deal to buy Bmi Regional from Lufthansa last year.
The deal will have to be approved the CAA and IAG said it expected the sale to be completed within two weeks.
Last week, IAG said it would be stopping all Bmibaby flights from September if a buyer for the business could not be found.
IAG is currently integrating mainline Bmi into British Airways but said it did not want to run either Bmi Regional or Bmibaby.