The CEO of IAG, Luis Gallego, said on Monday that the integration of the Portuguese TAP into the holding company “could be an opportunity” depending on the conditions established by the Portuguese government for its privatisation. Gallego pointed out that it could benefit the group with the connections that TAP has with Brazil and parts of Africa, where IAG currently has no presence.
According to Gallego, the incorporation of new airlines must take place under ideal circumstances, stressing that the group has already ruled out acquiring Norwegian.
The IAG airline holding company contributed more than €21.5 billion to Spain’s Gross Domestic Product (GDP) in 2019 and supported the generation of more than 371,000 jobs in Spain, equivalent to 1.7% of GDP and 2% of full-time employment, according to a report prepared by PwC. The report has taken data from 2019, the last before the pandemic, and includes the activities of Iberia (including Iberia Express and Level), Vueling, British Airways, Aer Lingus and the cargo business, IAG Cargo, in Spain.