Struggling airline BMI – which has 1,000 employees in the county – is to be sold to British Airways' parent company.
German carrier Lufthansa, which owns the Castle Donington-based airline, says it has agreed a sale in principle to IAG – the owner of British Airways (BA) and its Spanish partner Iberia.
The deal was done yesterday and is expected to be completed in the coming weeks.
It remains unclear what the sale will mean for the 3,800 BMI and bmibaby staff, including about 1,000 employees at East Midlands Airport and its Donington Hall head office.
Unions have expressed concern that the purchase could lead to job losses and altered pension terms for BMI staff.
GMB national officer Mick Rix said: "We have had talks with the chief executive officer of BMI in recent weeks and he has committed to sharing whatever outcomes of any proposed sale of BMI with the unions.
"There are concerns for our members such as skills, jobs and pensions.
"GMB, TUC and relevant parties are working together to find out the full extent of what the future holds for BMI."
Industry expert Professor Jim Saker, associate dean at Loughborough University Business School, said he would be nervous if he were a BMI employee in the East Midlands.
He said: "This deal is all about BA getting their hands on the BMI's landing and take-off slots at Heathrow.
"BA wants to expand its long-haul operation but the Government says there will be no west London airport expansion.
"That's why BA wants those Heathrow slots.
"It will not be so interested in BMI's planes or people. I cannot see why BA would want to continue the BMI brand. There will be consolidation and that could mean job losses."
BMI was taken over by Lufthansa two years ago for £223 million. The airline reported losses of £105 million in the first six months of the year, up from a £81.6 million loss in the same period last year.
BMI, however, has an 11 per cent share of take-off and landing slots at Heathrow, where it is the second-biggest operator after BA.
A joint statement by Lufthansa and IAG said: "Sale and closing remain subject to a binding purchase agreement."
No details have been released on the cost of the takeover.
Prof Saker said: "It will be considerable because of the value of the Heathrow slots."
These slots were valued at £770 million in 2008.
BMI declined to comment yesterday, but Lufthansa spokeswoman Claudia Langer said: "We are looking at increasing our profitability so the best thing is a sale. That will allow other opportunities for BMI and staff."
Willie Walsh, chief executive of IAG, said the takeover would add long-haul flights to BA and Iberia's schedules, but it was "too early'' to say what effect the takeover would have on staff levels at the airlines."
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