(Sharecast News) - British Airways owner IAG has agreed to buy Spanish carrier Air Europa for €500m (£453m) with payment deferred until 2026, news website El Confidencial reported on Friday, citing unnamed sources.
IAG had agreed to buy Air Europa for €1bn in November 2019 but wanted a price cut to reflect the impact of the coronavirus pandemic on the industry. The company, which also owns Iberia and Aer Lingus, has said the deal would enhance its operations to Latin America and the Caribbean.
The Spanish government last month announced a €475m aid package for Air Europa in return for the two places on the airline's board.
International Airlines (IAG)3 May 2024 13:37