Airline group IAG buys Air Europa in 1b euro dealBusiness | 4 Nov 2019 3:38 pm
London-listed airline giant IAG, owner of British Airways and Iberia, announced it has agreed to buy Spain's
Air Europa for 1 billion euros, AFP reports.
IAG said in a statement that it has signed a transaction agreement with Air Europa owner Globalia in a deal which will cement Madrid as a major hub for the enlarged group and expand its routes to Latin America and the Caribbean.
Willie Walsh, Chief Executive of IAG, said: “Acquiring Air Europa would add a new competitive, cost effective airline to IAG, consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders.
“IAG has a strong track record of successful acquisitions, most recently with the acquisition of Aer Lingus in 2015 and we are convinced Air Europa presents a strong strategic fit for the group.”
Javier Hidalgo, Chief Executive of Globalia, said: “For Globalia, the incorporation of Air Europa to IAG implies the strengthening of the company’s present and future that will maintain the path followed by Air Europa in the last years. We are convinced that the incorporation of Air Europa to a group such as IAG, who over all these years has demonstrated its support to the development of airlines within the group and the Madrid hub, will be a success”.-AFP/The Standard