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IAG signs €1bn Air Europa deal

November 04, 2019 / Buying Business Travel

International Airlines Group IAG has agreed to acquire Spanish carrier Air Europa for €1 billion through its Iberia subsidiary. The British Airways owner said the deal will transform its Madrid hub into “a true rival to Europe’s four largest hubs: Amsterdam, Frankfurt, London Heathrow and Paris Charles de Gaulle”. Announcing the agreement with Air Europa’s current owner, Spanish tourism group Globalia, IAG chief executive Willie Walsh said: “Acquiring Air Europa would add a new competitive, cost-effective airline to IAG, consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders.