Whilst I concur it's probably wibble, if I could indulge for a moment.

What if its not LS that's looking to buy but IAG. They were reported late last year as being actively seeking out a Low Cost acquisition to bring into the group. Some articles named easyJet, some others Jet2.

https://airwaysmag.com/easyjet-shares-rocket-iag/

Give LS the Gatwick short-haul operation, gets them their new base, also gives them access to BAs heavy metal to start flogging long haul holidays. A320s can go one way to Wales, the A321s back to mainline and all the while IAG get to reap the rewards with a solid presence in pretty much every UK airport and market. And IAG gets access to an extra 100 NEOs.