The regional division of the bmi airline has been to a consortium of businessmen for £8 million after £25 million a year losses caused it to cancel flights in Birmingham.
British Airways parent company IAG said it had signed a binding agreement to sell bmi Regional to Sector Aviation Holdings.
The bmi Tegional division is based in Aberdeen and flies to 14 destinations from UK regional airports.
It operates a fleet of 18 Embraer regional jets on scheduled services throughout the UK and northern Europe.
The deal is subject to regulatory approval but is expected to be completed within two weeks,
IAG chief executive Willie Walsh said: "This deal provides a future for bmi Regional and should secure around 330 jobs."
IAG completed its £172 million purchase of bmi from German carrier Lufthansa last month, but made it clear it did not want to operate the regional section or the airline’s low-cost operation, bmibaby.
IAG has started consultation with unions about bmibaby’s closure in September, with the potential loss of hundreds of jobs.
Mick Rix, national officer for civil air transport for the GMB union, said he had hoped that bmi Regional "could have played a valuable role in the rejuvenation of BA short-haul services".
He added that his union would be seeking meetings with the new owners to ensure staff who transferred are "treated fairly and with dignity and respect".
Last week IAG announced that bmibaby, bmi’s no-frills sister airline, is to close with all routes from Birmingham scrapped by September 9.