IAG secures Air Europa

Assuming it gets the go-ahead from the anti-trust authorities, and it will have dominance in the Spanish domestic market, IAG has confirmed its purchase of the remaining 80% of Air Europa from owner Globalia for €400m.  If you are flying on the airline in the coming months this announcement should not affect your journey.

IAG said that the acquisition will allow it to achieve significant cost cuts which it expects to bear fruit between 2026 and 2028 if the deal is finalised in the next 18 months.  The brand name continues but effectively Air Europa becomes part of Iberia.

Air Europa operates a fleet of 50 Boeing 787 Dreamliners and Boeing 737s, and has a strong presence in Latin America as well as flying into Gatwick from Madrid, competing with British Airways, easyJet and Iberia.  The takeover was confirmed on the same day that IAG announced an operating profit in 2022 of £1.076bn after two years of Covid-driven losses.

CEO Luis Gallego said that IAG, which owns Aer Lingus, British Airways, Iberia and Vueling, was seeing robust forward bookings.

www.iairgroup.com

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