BA owner to buy Air Europa

By Lisa James
24/02/2023
Home » BA owner to buy Air Europa

British Airways owner International Consolidated Airlines Group (IAG) is to buy Air Europa for €400 million.

IAG, which already owns 20% of Air Europa, will complete the deal to acquire the remaining 80% within 18 months, pending regulatory approvals.

Once complete, Air Europa will be retained under the management of IAG’s Iberia subsidiary.

The news coincided with the announcement of IAG’s annual results, which revealed the group returned to profit.

IAG posted an operating profit of €1.26 billion in the 12 months to 31 December 2022 on revenues of €23.1bn. 

IAG CEO Luis Gallego said: “This agreement will enable IAG’s Madrid hub to compete on an equal footing with other European hubs and consolidate its position in the South Atlantic.

“Madrid is the main gateway between Latin America and Europe, and there are opportunities to expand its network, providing significant benefits to our customers, employees, and shareholders.”

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