La Aerolínea Iberia buys Air Europa. Globalia, Air Europa will receive a payment of 400 million euros for the purchase of the airline's 80%.
Iberia, which belongs to Holding International Airlines Group (IAG), had acquired the 20% from Air Europa in August 2022 and capitalized on a loan it made years ago to the Globalia company.
In this way, IAG becomes the sole shareholder of Air Europa.
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The loan that was capitalized was for 100 million Euros, which amounts to a payment of 400 million Euros, totaling an investment for 500 million Euros.
This entire transaction took approximately three years, considering the close of the loan made.
About the purchase
The selling company indicates that once the sale is approved by the competent bodies, payments will be made in the following way:
An initial payment of 200 million euros, 100 million in metal and 100 million in IAG shares, which means Globalia becomes a shareholder of the IAG group.
As I was informed, each payment of 100 million Euros will be made on the first and second anniversary of the approval by competence.
This agreement is subject to approval by competent authorities, as well as SEPI and the ICO.
In the agreement, compensation of 50 million euros was established as a Breakup fee, in the event that the acquisition does not materialize.
Until this approval is concrete, both companies will continue to be competent as of now.
This agreement is far-reaching news for the strategic hub of Madrid – Barajas, which will allow us to consolidate the offer of air connectivity between Europe and America.
Mainly in Latin America and the Caribbean region where Air Europa has a wide network of destinations.
In addition to having solid presence and recognition.
Globalia also indicates that it will allow Spain to compete on an equal footing with other European connection hubs, contributing to economic development.
It would also be a contribution to the recovery of the tourism industry, considering a new model, more innovative, sustainable and profitable.
This would not be possible without the enormous effort developed by Air Europa, which for years has demonstrated unparalleled resilience and work capacity.
The delegated councilor of Air Europa, Jesús Nuño, indicated that the agreement with IAG reflects the success of consolidating Air Europa as an international reference.
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