IAG notifies European Commission of the acquisition of Air Europa
The IAG group, parent company of British Airways, Iberia, Vueling, Aer Lingus and LEVEL, notified the European Commission on Monday of the purchase of the remaining 80% of Air Europa’s capital, a transaction valued at 400 million euros that both companies agreed in February of this year.
After this step, the Community Executive has 25 working days to evaluate the operation, in accordance with the first phase of merger control provided for in Community regulations.
→ IAG plans to invest 13.5 billion euros in fleet, operations and customer services
Brussels could approve the acquisition after this stage or, alternatively, open an in-depth investigation if it maintains doubts about the effects of the transaction, which would last for 90 working days and can be extended if necessary.
“Today we have notified the European Commission of our proposal to purchase Air Europa,” IAG CEO Luis Gallego announced in a statement, arguing that the operation “will offer benefits to consumers and the Spanish economy in general, as well as improving Madrid’s competitiveness with respect to other hubs in Europe”.
With information from EFE
Plataforma Informativa de Aviación Comercial con 13 años de trayectoria.