IAG And Iberia Boards Will Reportedly Review Air Europa Acquistion This Week
International Consolidated Airlines Group (IAG) and its Spanish unit, Iberia, will hold board meetings this week to decide whether to go ahead with the acquisition of Spanish carrier Air Europa, Spanish news website El Confidencial said on Tuesday December 15.
IAG, which also owns Aer Lingus and British Airways, agreed to buy Air Europa for €1 billion in November of 2019, but has been seeking to reduce the price amid the travel crisis caused by the COVID-19 pandemic.
Both IAG and Iberia declined to comment, while officials at Globalia, the owner of Air Europa, were not immediately available for comment. The deal was designed to enhance IAG's operations on routes to Latin America and the Caribbean.
Last month, the Spanish government announced a €475 million aid package for Air Europa.
El Confidencial, which cited only unnamed sources, also said that IAG's board meeting on Wednesday December 16 or Thursday December 17 will assess the potential impact of Britain's exit from the European Union on its business.
No Problems After Brexit
Last week, Spanish Prime Minister Pedro Sanchez told a news conference that Iberia should not have any problems operating in the European Union's airspace after Brexit.