An Air EuropaEuropa Press aircraft
Iberia thus closes its buy of Air Europa that started three years in the past The two firms will merge after they obtain authorization from Competition, the method may final a 12 months and a half IAG takes over 100% of the Globalia group airline for 500 million euros
International Airlines Group (IAG) has agreed with Globalia to amass the remaining 80% of the share capital of Air Europa for 400 million euros, as reported by the group to the National Securities Market Commission (CNMV).
In this fashion, the airline group that owns Iberia takes over 100% of the Hidalgo household airline for a complete of 500 million euros, after the conversion of an unsecured mortgage from 100 million euros over seven years to Globalia in a 20% stake within the capital of Air Europa.
IAG has detailed that the primary 200 million euros will likely be paid when approval is acquired from the Competition authorities, 100 million euros in IAG abnormal shares and 100 million euros in money.
The second and third 12 months after the date of approval of the operation, one other 100 million euros will likely be paid every. The deal is topic to regulatory and different approvals, which may take round 18 months, because the go-ahead from the CNMV, ICO and SEPI is required.
With an eye fixed on Latin America
Until this go-ahead is obtained, each firms will proceed to compete as up to now, says Air Europa. The operation that has been accomplished this Thursday goals to reposition the ‘Iberia’ model in South America and improve connections with Asia.
In addition, the group intends to transform the Madrid-Barajas Airport into an interchange or ‘hub’ in aeronautical jargon with different airports in Europe.