IAG looks to save $704 million on Air Europa deal
International Airlines Group (IAG), parent to Aer Lingus, British Airways, Iberia, and others, is reportedly negotiating to acquire Air Europa, owned by Globalia, for half its original price ($1.17B).
The acquisition of Air Europa was targeted by IAG to grow Madrid Barajas International Airport (MAD) into a leading European hub. This merger could potentially allow the airline group to dominate the South Atlantic market once again, connecting Europe to South America and the Caribbean.
However, a Spanish newspaper Cinco Dias reported that IAG looks to lower Air Europa’s price to $587-704 million (€500-600 million). The initial deal was announced on November 4, 2019, and was agreed to go through for twice the currently reported amount, no doubt affected by the worldwide Coronacrisis.
The terms of the deal are still unknown but the acquisition could be announced in the following weeks.
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