BMI’s regional arm is being sold by British Airways parent International Airlines Group for £8 million.
The Aberdeen-based BMI Regional is being bought by Sector Aviation Holdings.
Sector Aviation is a consortium of businessmen with considerable aviation experience including the team previously referred to as Granite Aviation, led by Ian Woodley.
The business is being funded by Stephen and Peter Bond who are also investors in Loganair.
IAG chief executive Willie Walsh said: "This deal provides a future for BMI Regional and should secure around 330 jobs."
The sale includes all BMI Regional's fixed assets and long-term liabilities, including owned and operating lease aircraft.
BMI Regional operates a fleet of 18 Embraer regional jets on scheduled services throughout the UK and Northern Europe.
The sale is conditional upon Civil Aviation Authority approval.
But IAG expects that ownership will be transferred to SAH within two weeks.