:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/64LXRMG3XFL6MXH23F6B3G5ADE.jpg "Who is the group of companies that bought Air Europa for 500 million euros and what projects does it have in the region? 1")
The International Airlines Group (AGI), owner of Iberia, Tier and British Airways, in addition to Vueling and Aer Lingusjust buy 80% of Air Europa and thus completed an acquisition that began in 2019 by buying a first 20% of the company. With this operation, the group becomes the owner of the three largest airlines in Spain and an important player such as Level, which operates from Barcelona.
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The purchase contract was negotiated by the 500 million euros: initially, IAG will pay 200 million euros after approval of the contest; an additional €100 million will be paid in shares of the buying group; an additional €100 million in cash; and the remaining 100 million euros will be paid when the operation is completed, which is estimated to take around 18 months, due to the number of regulatory checks to be passed.
But the IAG actually pays a higher price, since by buying Air Europa, it assumes the responsibility of paying the debt of 574 million euros that it recorded at the end of 2021, for the transaction to finally exceed the Billions of Euro’s.
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In any case, this figure is similar to that on which the parties had agreed at the end of 2019, before the pandemic, when IAG had bought 20% of Air Europa from it for an additional 100 million euros. With this last step, it is done with 100% of the Spanish airline.
“This agreement will allow us to compete on equal terms with other hubs Europeans and consolidate its position in the South Atlantic. Madrid is the main gateway between Latin America and Europe and there are opportunities to expand its network, providing significant benefits to our customers, employees and shareholders,” he said. Luis GallegoCEO of IAG through a statement.
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It is that now the IAG group has Iberia and Air Europa, two companies of Spanish origin that operate from Madrid, the airport in Europe with the most insertion in Latin American destinations.
Until Air Europe It offers a daily flight between Madrid and Buenos Aires, and six weekly flights between Madrid and Cordoba with a stopover in Asunción, Paraguay. As they had announced, from March this second route will be operated every day.
For its part, Iberia consolidated its flight offer between Buenos Aires and Madrid with two daily operations, reaching a total of 14 per week.
“The acquisition continues to be strategically important to the future of IAG and positions the Group to benefit from growth opportunities in the Latin American and Caribbean market, as well as increased connectivity with the Asia,” the IAG board said in the statement.
According to the group of companies, the purchase of Air Europa “offers significant benefits to customers by offering more networking opportunities and providing access to the IAG Avios loyalty programme; and offers significant synergies, in line with those obtained during previous acquisitions, which will be realized between the years 2026 and 2028, assuming that the closing of the operation takes place in approximately 18 months”.
Although the group can be said to have absorbed Air Europa and will place the airline under the management of Iberia, will keep the brand and flights will continue to be marketed under its name.
“The agreement reached with IAG confirms the success of the plan carried out to consolidate Air Europa as an international reference after the pandemic, demonstrating its viability and its good work, before and after the greatest crisis in the aeronautical sector”, he said. stated for his part. . Jesus Nuno de la Rosadirector of Air Europa, in another press release published by the Globalia group.
At the moment, IAG’s plans for the Argentine market are unknown. The last thing known about Air Europa was its intention to start operating direct flights between Madrid and Puerto Iguazú, as it announced a month ago at the International Tourism Fair (FITUR ).
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