Clyde & Co LLP has advised Flybe Group plc on a slot exchange contract to transfer 25 pairs of arrival and departure slots at Gatwick airport to easyJet.

Flybe's shareholders voted in support of the exchange on 2 August 2013 which will take place immediately. Flybe will however continue to use the slots for the remainder of the current summer season and the slots will then transfer to easyJet for the 2014 summer season and the 2014/15 winter season.

Flybe had decided to sell the slots following Gatwick's recent changes to the aeronautical charges paid by carriers. The purchase of these slots will allow easyJet to increase its market share at Gatwick to an estimated 45 per cent.

The Clyde & Co team was led by commercial aviation partner Alan Meneghetti and included associate Thomas van der Wijngaart.

Alan Meneghetti, Head of the Commercial and Regulatory Aviation practice at Clyde & Co said: "We were delighted to advise Flybe Group on this transaction which required a quick turnaround and covered both commercial and regulatory aspects".

Flybe has said that it will reinvest the proceeds from the slot sale in its remaining 159 routes.

Mark Chown, Director of Corporate Strategy at Flybe said: “Alan and Tom did a great job for us by providing well thought through advice during negotiations, and in particular, finalising complex documentation in a truncated completion process”.