British Airways owner IAG has agreed with seller Globalia Corporacion Empresarial on the price for the Spanish airline Air Europa.
IAG is buying the company for 500 million euros, equivalent to approximately 5.07 billion kronor, writes Marketwatch.
IAG announced its plans to buy Air Europa back in November 2019, before the pandemic hit the airline industry. At that time, the price tag was set at €1 billion. Since then, IAG has been in talks with Globalia about a restructuring of the deal, one effect of which is that the payment will be postponed for five years. By then, in 2026, IAG expects the deal to generate significant cost and revenue synergies.
The deal is expected to be completed in the second half of 2021. According to IAG, the purchase will increase the importance of the company's airport hub in Madrid and gradually transform it into a competitor to the airports in Amsterdam, Frankfurt and Paris Charles de Gaulle.
Source: Nyhetsbyrån Direkt
