Stobart Group has agreed to acquire the remaining 33% interest in Propius Holdings Limited from Aer Lingus for a cash consideration of $14.7 million in November 2016. The parties were negotiating contracts and the transaction and successfully finalized the acquisition on 24th and February 2017..

After the acquisition Stobart Group will owns 100% of Propius. The transaction follows October's 2016 acquisition of Invesco Asset Management's interest in Propius amounting to 33.3% of the company for £12 million ($14.6 million).

This follows the announcement on 18 November 2016 that the Group had agreed in principle to acquire the remaining 33% interest in Propius from Aer Lingus, taking the Group’s interest in Propius to 100%.

The consideration for the transaction was $14.7 million in cash funded from the sale from treasury on 18 November 2016 of 10,081,778 ordinary shares of 10p each of the Company, at 155 pence per share. As part of the transaction, Aer Lingus has released security over certain cash balances of Propius and other group companies in exchange for a guarantee from other Stobart Group companies for an initial €18m which is expected to reduce to €8m in due course.
 
Propius recorded profit before tax of $2.8 million for the year ended 31 December 2016 and had gross assets at that date of $153.3 million.
 
In addition, the Group has also completed the acquisition of the remaining 19% interest in Everdeal Holdings Limited (“Everdeal”), the holding company of Stobart Air, taking its interest in Everdeal to 100%.