MADRID, Dec 18 (Reuters) - International Consolidated
Airlines Group has agreed to buy Spanish carrier Air
Europa for 500 million euros ($612.55 million) with payment to
be deferred until 2026, news website El Confidencial reported on
Friday, citing unnamed sources.
The two companies reached the deal on Thursday, El
Confidencial said.
IAG's Spanish unit Iberia declined to comment while Air
Europa's owner Globalia was not immediately available for
comment.
British Airways parent IAG had originally agreed to buy Air
Europa for 1 billion euros in November 2019, but has been
pushing to reduce the price amid the travel crisis caused by the
pandemic.
For the sale to proceed, the Spanish government must waive
its right to appoint two directors to Air Europa's board, one of
the conditions of a 475 million euro state aid package approved
last month.
($1 = 0.8163 euros)
(Reporting by Nathan Allen. Editing by Jane Merriman)
International Airlines (IAG)
