IAG terminates agreement for acquisition of Air Europa
IAG announced (02-Aug-2024) a decision to terminate its agreement with Globalia signed on 23-Feb-2023, pursuant to which IAG agreed to acquire from Globalia the remaining 80% of issued share capital of Air Europa. IAG's board of directors concluded that "in the current regulatory environment it would not be in the best interests of shareholders to continue with the transaction". IAG will provide a EUR50 million break fee to Globalia as a result of the termination. IAG will continue to hold its 20% minority equity stake in Air Europa which it acquired on 16-Aug-2022. IAG CEO Luis Gallego added: "IAG remains committed to its strategy, including competing effectively from its Madrid hub. This is a strategy which is delivering strong results. We will continue to develop our presence in Madrid so that the hub can develop as a rival to Europe's largest hub airports". [more - original PR]