Ryanair Investors Get $445 Million From Aer Lingus Sale to IAG
Ryanair said it will distribute €398 million from the sale of its stake in Irish rival Aer Lingus Group to shareholders.
The payout will be made via a ‘B’ share program due to be concluded before the end of December, the Dublin-based carrier said in a statement today. Cash returned to shareholders this year will total about €800 million, it said.
Ryanair’s board voted on 10 July to accept an offer from British Airways-owner IAG for the 29.8 per cent Aer Lingus stake, signaling the end of its own long-running bid to take full control of the former Irish flag carrier.
Europe’s top low-cost airline lifted its full-year profit forecast 25 percent this month as a wet August spurred a booking surge, leading to higher-than-expected fares.
That’s helped fuel a 47 per cent share-price gain and brought Ryanair closer to catching discount No. 1 Southwest Airlines Co. by market value.
News by Bloomberg, edited by Hospitality Ireland