Acquiring something doesn't necessary mean money changing hands from Flybe to another owner. It could happen the other way around as in BA Connect, or as per Eastern and Air Southwest.
Acquiring another airline may well be preferable. No route set up costs and a solid base from which to grow the Flybe name. Look at Connect, non profitable routes became profitable under Flybe. They are clearly confident that their business model works, and why wouldn't they, it's delivered profits throughout the recession so the routes of other loss making airlines may turn these routes profitable if the Flybe business model is adopted.
Seems to make solid sense from the Flybe point of view and you can bet there are a few loss making carriers that might be attractive.