Just read on Hemscott.com that Air Atlanta has purchased a 40% stake in Excel Airways. Libra (the company that Excel does a lot of flying for) is retaining its stake. The money from the takeover (£29.9m) is being used to clear debts that the airline has. Given the size of the stake, Air Atlanta should bid for the rest of the airline but it has been given special dispensation as the shareholders said they wouldn't accept an offer for the whole airline.
Excel is a profitable airline and seems to have a good name in the industry. Also, Air Atlanta supply them with their 767 and 757 fleet so this stake will bring them a lot closer together. We may even see an Excel 742!!