International Cons Airlines Group IAG terminates acquisition of Air Europa
August 01 2024 - 10:50AM
RNS Regulatory News
RNS Number : 8336Y
International Cons Airlines Group
01 August 2024
INTERNATIONAL
CONSOLIDATED AIRLINES GROUP, S.A.
Termination by IAG of the
sale and purchase agreement for Air Europa
International Airlines Group
("IAG") today announces its
decision to terminate the agreement with Globalia signed on 23
February 2023, pursuant to which IAG agreed to acquire from
Globalia the remaining 80 per cent of issued share capital of Air
Europa (the "Agreement").
The Board of Directors has concluded that in the current regulatory
environment it would not be in the best interests of shareholders
to continue with the transaction.
In accordance with the terms of the
Agreement, IAG will pay Globalia €50 million as a break fee as a
result of the termination.
IAG continues to hold its 20 per
cent minority equity stake in Air Europa which it acquired on 16
August 2022.
Luis Gallego, IAG's chief executive,
said:
"We believe this decision is in the
best interests of our shareholders. IAG remains committed to its
strategy, including competing effectively from its Madrid hub. This
is a strategy which is delivering strong results. We will continue
to develop our presence in Madrid so that the hub can develop as a
rival to Europe's largest hub airports.''
Nicholas
Cadbury
Chief
Financial and Sustainability Officer
1 August 2024
LEI: 959800TZHQRUSH1ESL13
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