LUTON-based Air Foyle has injected £6.7m into CityJet to become the majority shareholder in the Irish carrier.
The move means cargo carrier Air Foyle has taken its first step into operating scheduled passenger services.
Air France has also loaned CityJet, its franchise carrier, £1.7m. The sum can be converted into shares in the airline at a future date. CityJet operates services on behalf of Air France from London City Airport to Paris and Strasbourg.