Madrid — The owners of Iberia airline completed their takeover of Spanish airline Air Europa on Thursday.
International Airlines Group (IAG) - which is also the parent company of British Airways, Vueling and Aer Lingus - has agreed to pay Spain's Globalia €400 million ($424 million) to acquire the remaining 80% of Air Europa.
IAG has held a 20% share stake in Air Europa since last summer.
The agreement is still subject to regulatory approval, which IAG said could take 18 months. The first €200 million will be transferred to Globalia when the deal is finally approved.
The Air Europa brand will exist under the management of Spanish airline Iberia.
IAG said the deal will enable the group to capitalize on growth opportunities in the Latin American and Caribbean markets and increase connections to Asia.
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