Intermoney | The chairman of Iberia, Javier Sánchez-Prieto, has confirmed that Globalia already has the green light from SEPI, controlled by the Finance Ministry, and the banking syndicate led by Santander, for the 100 million euros loan convertible into shares with which to buy 20% of Air Europa. The deal was forged in March and is a first step towards the full acquisition of Air Europa.
That said, it is still pending that various competition regulators in several European countries (UK, Germany and Spain) give their ‘OK’ to this acquisition operation.
Valuation:
Positive news which means a first step towards IAG buying 20% of Air Europa. Although the European competition authorities still have to give their green light, we do not believe they will put any impediment since with a 20% stake, Iberia will not have any influence in the management of Air Europa. The company is putting a limit of 18 months on buying 100% of the airline.
