Aer Lingus regional operator Stobart Air is being acquired by Isle of Man-based company Ettyl Ltd.
Ettyl is also purchasing the Carlisle Lake District Airport as part of the deal with current majority owner Esken Limited.
Transport and energy group Esken is also the owner of London Southend Airport.
The value of the transaction has not been disclosed but is expected to complete by May.
Stobart Air will continue its contract serving Aer Lingus regional routes though the end of 2022 when the current contract expires.
Stobart Air has held the Aer Lingus regional contract for a decade.
Ettyl said it plans to retain all staff at Stobart Air and the airport.
“Stobart Air is pleased that this transaction is now concluded and a new owner of the airline is in place,” a company statement said.
“This transaction is a significant testament to, and endorsement of, the value Ettyl see in our airline.”
Ettyl Chief Executive officer Jason Scales said further announcements regarding’s the company’s plans for the airline and airport will be announced in the coming months.