22nd Nov 2021 11:32
International Consolidated Airlines Group SA - London-based owner of British Airways, Iberia and Aer Lingus - UK Competition & Markets Authority opens probe into IAG's acquisition of Air Europa. IAG's Iberia agreed to buy Air Europe back in November 2019 for EUR1 billion in cash. Following the pandemic, this was reduced to EUR500 million in January of this year. Air Europa is a Spanish airline that operates domestic and international flights in Europe, as well as long-haul routes to Latin America, the US, the Caribbean and North Africa. In Spain, IAG already owns Vueling in addition to Iberia. The CMA says it is considering whether the purchase of Air Europa will reduce competition in the UK, and it invited comments on this. The regulator has a January 19 deadline for a phase 1 decision.
IAG current stock price: 151.90 pence, up 2.3% on Monday
Year-to-date change: down 4.9%
By Tom Waite; [email protected]
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