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IAG to takeover bmi for GBP172.5m; to provide IAG with 56 additional slots at London Heathrow

23-Dec-2011 9:47 AM

International Airlines Group (IAG) announced (22-Dec-2011) it entered into a binding agreement to purchase bmi from Lufthansa for GBP172.5 million with the takeover set to be completed within 1Q2012. The agreement will provide IAG with 56 additional slots at London Heathrow once it is cleared by competition authorities, expected by end Mar-2012. IAG CEO Willie Walsh stated there will be “some job losses” due to bmi’s GBP153 million loss in 2010. [more - original PR]