Britons still interested in Europe
British Airways-led International Consolidated Airlines Group (IAG) and Globalia have announced that definitive transaction agreements have been signed under which IAG’s wholly-owned subsidiary, IB Opco Holding (Iberia), has agreed to acquire the entire issued share capital of the Spanish carrier Air Europa for EUR 1 Billion, which will be paid in cash at completion (expected in H2/2020), subject to a closing accounts adjustment.
The move aims to transform IAG’s Madrid hub in Spain "into a true rival to Europe’s four largest hubs: Amsterdam (the Netherlands), Frankfurt (Germany), London Heathrow (UK) and Paris CDG (France)". It also "re-establishes IAG as a leader in the highly attractive Europe to Latin America and Caribbean market".
Air Europa's fleet includes five B787 and 12 A330 widebody aircraft with significant bellyhold capacity for airfreight. (ah)