The IAG Group declared this Tuesday (16/08) that it took a 20% stake in the airline Air Europa, from Spain. The operation was carried out by converting the payment of an airline stock loan, which belongs to Globalia Corporación.
The IAG Group has always shown interest in buying Air Europa to transform Madrid into a mega flight hub. The amount paid for the 20% stake is 100 million euros.
Previously, the IAG Group offered to pay €1 billion ($1,1 billion) for Air Europa, in a move criticized by some airlines for monopolizing the aviation market in Spain.
Since then, European Union authorities have been evaluating the agreement between the companies, which is why the sale has not yet been closed. IAG's promise was to maintain the brand, even after completing the purchase. The group owns the airlines Iberia and British Airways.
With 42 aircraft in the fleet, using the Boeing 737-800 and 787 models for longer and international flights in addition to the ATR 72 and Embraer 190 for shorter and regional flights, Air Europa serves 56 destinations in 28 countries.
The loan also guarantees that the IAG Group will have one-year exclusivity on future negotiations and also the right to match future offers for the airline.
