The sale of BMI Regional to Aberdeen-based consortium Sector Aviation Holdings has been completed today.
IAG signed a binding agreement to sell the division earlier this month for £8 million cash.
The Aberdeen-based airline operates 18 regional jets on scheduled services throughout the UK and northern Europe.
The deal includes all of BMI Regional's fixed assets and liabilities, including owned and operating lease aircraft.
SAH will take on the BMI brand and the flybmi.com website as part of the deal.
SAH 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."
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