Iberia has finally signed the purchase of Air Europa
more than a year after the announcement of the operation
.
It will finally be for 500 million euros, and not for the 1,000 initially agreed, according to Europa Press, which indicates that the operation will close today.
Iberia, which belongs to the IAG group (also owner of British Airways and Vueling, among others), will pay this amount in five years to the Globalia group, owner of Air Europa.
The government rescued Air Europa almost two months ago.
This rescue was the condition that Iberia had set to continue with the operation.
Iberia will pay half of the price initially agreed
(in November 2019) considering that Air Europa, which has avoided bankruptcy thanks to the state bailout, "is no longer worth the same as before the crisis", in the words of Luis Gallego, president of Iberia when the operation was announced and current CEO of IAG.
Iberia has discounted from the initial price the two loans of 475 million euros granted by the Government, and which will be executed through the fund for strategic companies in distress managed by Sepi.
In recent weeks
the price and conditions were being renegotiated.
The bailout of the state meant that Sepi had two directors on Air Europa's governing body and could decide on the election of the CEO, but Iberia wanted freedom to run the company and possible adjustments, once acquired.
According to the criteria of The Trust Project
Know more
Iberia
British Airways
Vueling
economy
AERIAL SECTOR Sepi arrives at Air Europa appointing two directors and negotiates the future CEO
TransportesIberia collides with Sepi due to job adjustments after the purchase of Air Europa
EconomyThe Generalitat reinvents its airports to save them from the economic crisis
See links of interest
Coronavirus today
2021 business calendar
Spain - Tunisia, live
Borussia Mönchengladbach - SV Werder Bremen
Cadiz - Levante
Real Valladolid - Elche
1. FSV Mainz 05 - VfL Wolfsburg