https://www.investing.com/news/stoc...g-buys-air-europa-for-1-billion-euros-2010993
British Airways' parent International Consolidated Airlines Group (LON:ICAG) said it had agreed to buy Spanish long-haul specialist Air Europa for 1 billion euros ($1.11 billion) in cash, saying the deal "re-establishes IAG as a leader in the highly attractive Europe to Latin America and Caribbean market."
IAG (LON:ICAG) expects the deal to be earnings-accretive already in the first year after completion, which it expects in the second half of 2020
"Acquiring Air Europa would add a new competitive, cost effective airline to IAG (LON:ICAG), consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders," CEO Willie Walsh said in a statement.
Air Europa has a network of 69 destinations, including European routes to Latin America, the United States of America, the Caribbean and North Africa. In 2018, it generated revenue of €2.1 billion and an operating profit of €100 million. It carried 11.8 million passengers in 2018 and ended the year with a fleet of 66 aircraft.
British Airways' parent International Consolidated Airlines Group (LON:ICAG) said it had agreed to buy Spanish long-haul specialist Air Europa for 1 billion euros ($1.11 billion) in cash, saying the deal "re-establishes IAG as a leader in the highly attractive Europe to Latin America and Caribbean market."
IAG (LON:ICAG) expects the deal to be earnings-accretive already in the first year after completion, which it expects in the second half of 2020
"Acquiring Air Europa would add a new competitive, cost effective airline to IAG (LON:ICAG), consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders," CEO Willie Walsh said in a statement.
Air Europa has a network of 69 destinations, including European routes to Latin America, the United States of America, the Caribbean and North Africa. In 2018, it generated revenue of €2.1 billion and an operating profit of €100 million. It carried 11.8 million passengers in 2018 and ended the year with a fleet of 66 aircraft.