IAG’s takeover of Air Europa is almost complete

International Airlines Group (IAG) has almost completed its takeover of Spanish airline Air Europa, the company said. IAG will pay 400 million euros for the remaining 80% of the specialty carrier for Latin America.

IAG, the parent company of British Airways, Iberia, Wooling and Aer Lingus, has a 20% stake in Air Europa from August 2022.

“Now that the Air Europa acquisition has been agreed, but subject to approval it may take around eighteen months, it will help to develop Madrid as a hub. Madrid is the gateway to Latin America,” said Luis Gallego (CEO IAG).

Commenting on IAG’s results, Gallego said: “2022 will be a year of strong recovery, driven by continued demand and the reopening of markets. At this time of year, we are still seeing a lot of bookings, while also being aware of global macroeconomic uncertainties. Through key initiatives to improve customer experience and operational efficiency , we are transforming our businesses with the aim of returning IAG to pre-Covid profitability levels within a few years. Our unique group structure allows us to maximize revenue and cost synergies and invest capital to deliver strong returns.