• Empresas.Javier Hidalgo, the return of the prodigal son
  • Future.Javier Hidalgo: the Covid-19 does not frustrate its millionaire plan

It is not the best summer for the Hidalgo family, although they enjoy more cash than ever. This 2020 was the year that was presented as decisive for the owners of Globalia, since they had launched several key movements to sell the majority of the company and thus end family wars in which the professional mixes with the personal. But the pandemic has given more headaches than joys to the sales businesses that the family had signed.

Three years after the appointment of Javier Hidalgo as CEO, Globalia reached an agreement in November to sell Air Europa to Iberia for € 1 billion , with a penalty of € 40 million if the other Spanish company backed down. Although Competition approved the sale, the European Commission has yet to comment. Both parties are interested in closing the operation, however, it seems unlikely that Iberia will pay the amount agreed at the beginning.

Luis Gallego has confirmed to LOC that the aforementioned contract is being reviewed. Air Europa is confidential, not commenting: "It seems very delicate to us." However, sector analysts assure LOC that "the sale will take place, even if it is for less money. On the one hand, the Government is interested in having the two companies grouped together. On the other hand, Iberia also wants the operation to prosper, because leave the T4 hub for them, "they explain.

EXECUTIVE PENDING

Waiting for the operation to close, probably for less than the 1,000 million initially agreed, Air Europa's economic difficulties go through the rescue. The Government approved a few weeks ago a support fund for the solvency of strategic companies in this country. He endowed it with 10 billion euros, and now it looks like Globalia's lifeline, whose income has fallen to a minimum.

Saving the company is key for Javier Hidalgo, but it also seems to be successful in solving the sale of the various Globalia subsidiaries, as he did in the past with the sale of Pepephone. If an agreement with Iberia for Air Europa had already been closed, Viajes Halcón plans to join a joint venture with the Barceló family and the sale of Be Live hotels , which have most of their establishments in the Caribbean, an area particularly affected by Covid and that at the moment it does not receive tourists.

95% of Globalia's shareholding package is in the hands of the Hidalgo family. Under the patriarch's umbrella, Juan José -president with 51% of the holding-, his three children are grouped: Javier (owner of 17%), Cristina (with 7%) and María José (who owns 5%). The rest is in the hands of Juan Antonio Hidalgo and Abel Matutes.

Despite the fact that this situation has blocked their operations, last February they approved a superdividend of 35 million euros to be shared between the father and the brothers. As El Confidencial announced , the bonus was greater than the profits for the year, so they were going to draw their own reserves to collect it. The family also assured that it was not incompatible with resorting to the rescue fund.

In these uncertain times, with many of the borders closed and part of Air Europa personnel in Erte, the idyllic escapes of the Hidalgo throughout the world are left behind. Since Javier was appointed CEO, he invited his friends to destinations such as Kenya -where they were at Christmas 2017- or Punta Cana -where he received 2019-, both trips published by LOC.

On the contrary, these days Hidalgo personally renegotiates with Luis Gallego the Air Europa sale agreement, while putting out fires within the family, since business relationships affect personal relationships between the three brothers.

According to the criteria of The Trust Project

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  • Iberia
  • European Comission
  • LOC

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