International Airlines Group buys Air Europa
International Airlines Group (IAG) has reached an agreement to acquire an 80% stake in Air Europa for 400 million euros. The acquisition is expected to be completed in the second half of 2023.
The deal will allow IAG, which owns British Airways, Iberia Airlines, Aer Lingus, and Vueling Airlines, to expand its presence in the Spanish market and strengthen its position in Latin America. Air Europa operates flights to various destinations in Latin America, including Brazil, Mexico, and Argentina.
As part of the agreement, Air Europa will be integrated into the Iberia airline brand, although it will maintain its own identity and management team. The remaining 20% stake in Air Europa will continue to be owned by Globalia, the airline's current parent company.
IAG CEO Luis Gallego stated that the acquisition is a "great opportunity" for the company to further develop its presence in the Spanish market and to offer customers more choice and value. The deal is also expected to result in cost and revenue synergies for the group.
Acquisition of Air Europa
The acquisition was initially announced in November 2019, but the COVID-19 pandemic led to the postponement of the deal. However, both parties have now agreed on revised terms, which include a reduced purchase price and a longer payment period.
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