Agreement for the acquisition of Air Europa

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[{"type":"text","content":"\n \nRNS Number : 1144S International Cons Airlines Group 04 November 2019  \n\nAgreement for the acquisition of Air Europa for €1 billion\nInternational Consolidated Airlines Group (\"IAG\") and Globalia (\"Globalia\") are pleased to announce that definitive transaction agreements have been signed under which IAG's wholly owned subsidiary, IB OPCO Holding S.L. (\"Iberia\"), has agreed to acquire the entire issued share capital of Air Europa (\"Air Europa\") for €1 billion to be satisfied in cash at Completion (the \"Acquisition\") and subject to a closing accounts adjustment. \nHighlights\n·      Transforms IAG's Madrid hub into a true rival to Europe's four largest hubs: Amsterdam, Frankfurt, London Heathrow and Paris Charles De Gaulle.\n·      Re-establishes IAG as a leader in the highly attractive Europe to Latin America and Caribbean market. \n·      Offers significant synergy potential in terms of cost and revenue.\n·      EPS accretive in the first full year and accretive to IAG's return on invested capital by the fourth year after Completion.\n·      Completion is expected to take place in H2 2020 following receipt of relevant approvals. \n \nCommenting on today's announcement, Willie Walsh, Chief Executive of IAG, said:\n\"Acquiring Air Europa would add a new competitive, cost effective airline to IAG, consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders. \nIAG has a strong track record of successful acquisitions, most recently with the acquisition of Aer Lingus in 2015 and we are convinced Air Europa presents a strong strategic fit for the group.\"\nJavier Hidalgo, Chief Executive of Globalia, said: \n\"For Globalia, the incorporation of Air Europa to IAG implies the strengthening of the company's present and future that will maintain the path followed by Air Europa in the last years. We are convinced that the incorporation of Air Europa to a group such as IAG, who over all these years has demonstrated its support to the development of airlines within the group and the Madrid hub, will be a success\".\nLuis Gallego, Chief Executive of Iberia, said:\n\"This is of ...

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