IAG Air Europa

In Europe 29th November 2024

Air Europa in contact with Air France-KLM for possible partial buyout, IAG retains 20% minority stake

Alphavalue/ Divacons | Air Europa, Spain’s third largest airline, is in talks to sell a 20% stake to Air France-KLM and establish a commercial cooperation. The deal is expected to be valued at less than €100m and is unlikely to trigger antitrust intervention by the EU. Previously, IAG (owner of the two largest Spanish airlines) abandoned plans to acquire Air Europa, probably due to irreconcilable differences between the remedies required…

Companies, Ibex, Uncategorised 5th August 2024

IAG abandons Air Europa takeover due to European Commission demands

Link Securities | The European Commission (EC) explained on Friday morning the reasons why it opposed the purchase of Air Europa by IAG, according to Expansión. Iberia’s parent company announced on Thursday that it was abandoning the operation due to the EC’s demands, as it considered that the acquisition would no longer make sense if it had complied with them. The merger between the two would have adversely affected competition…

Spanish economy 19th June 2024

IAG offers to sell 52% of Air Europa’s routes to competition in order to take over company

IAG’s latest proposal to take over Air Europa, submitted to the European Commission on 10 June, has increased from 40% to 52% the Air Europa capacity it would cede to other airlines (remedies) to meet the requirements of the Directorate General for Competition. The increased remedies package is the final one before the verdict of the EU authorities. It is a response to the objections report delivered by the Directorate…

In Europe 13th December 2023

IAG submits formal application to EC competition authority for acquisition of Air Europa

Bankinter| The airline has filed the application for the purchase of Air Europa with the European Commission. Thus, a two-phase process begins: (i) the first phase will take 35 working days and the EC is likely to request additional information; (ii) in the second phase, the relevant adjustments will be made and it is for an indefinite period of time, but IAG intends to close in 2024. IAG currently holds…

Companies, Ibex, Relevant News Item 16th August 2022

IAG exercises option on 20% of Air Europa; becomes second largest shareholder in Spanish airline

In a historic move in the Spanish airline sector, the IAG group has now become the second largest shareholder in Air Europa, according to today’s Cinco Dias. In an announcement to Spanish Stock Market Regulator (CNMV) this morning, the holding which controls Iberia announced it has taken up the option on a 20% stake in Air Europa, the newspaper said. This option on the stake is part of an agreement…

European economy 5th June 2022

Air Europa will shortly receive the €100 loan from Iberia (IAG), convertible to 20% of its capital

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…

Companies 7th November 2019

IAG-Air Europa: Competition issues more likely to arise in Spain

The operation reinforces the position of Iberia owner IAG on the Europe-LatAm routes, where it will have a 26% share (vs 19% current). One of the main competitors of IAG in these routes disappears, since Air Europa was the sixth operator Europe-LatAm, and the main one in the hub of Madrid.

Companies 6th November 2019

IAG’s Air Europa acquisition announced: Checking into more Latam exposure

BOfAML | IAG has agreed to acquire Air Europa, a value carrier, for €1bn as it seeks to increase its market share in the South Atlantic market and turn Madrid into Europe’s next hub airport. The acquisition is in cash and will be funded by external debt increasing IAG’s net debt / EBITDA by 0.3x (from 1.2x at 3Q19). This raises questions on the potential cash return to shareholders.