IAG takes 20% stake in Air Europa
British Airways owner IAG has officially taken a 20% stake in Spanish carrier Air Europa.
It converted the €100 million loan it provided earlier this year into the stake.
“IAG announces that it has exercised its option to exchange the group’s €100 million seven-year unsecured loan for a 20% equity stake in Air Europa,” IAG said.
IAG’ had previously offered €1 billion for control of Air Europa, and then reduced it to €500 million due to the pandemic.
Air Europa is the third largest airline in Spain, after Iberia and Vueling which are both owned by IAG.
That would make an acquisition of Air Europa problematic with EU regulators.
Air Europa currently has a fleet of about 40 aircraft.
Meanwhile, Air Europa’s UK and Ireland director, Colin Stewart was appointed new chair of the Board of Airline Representatives in the UK (BAR UK).
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel