Iberia, an airline of the International Airlines Group (IAG), has closed the purchase of Air Europa from the Globalia group for an amount of 500 million euros to be paid in five years, according to sources familiar with the operation consulted by Europa Press.
The purchase and sale signature will be carried out today and will mean a 50% reduction compared to the price initially agreed in November 2019, when the value of the transaction amounted to 1,000 million euros.
Such as advanced ‘El Confidencial’, the new terms of the agreement have arisen due to the situation derived from the Covid-19 pandemic, which has led both companies to renegotiate the initial conditions of the agreement.
Just two months ago, the Government approved the first rescue of a Spanish company affected by the COVID-19 crisis with the temporary public support to the airline Air Europa for 475 million euros.
Iberia would have approved the purchase of the airline for half the price in 2019, once the airline’s parent company, IAG, has discounted the loans of 475 million euros granted by the Sociedad Estatal de Participaciones Industriales ( SEPI), the public entity that manages the Fund for Support to the Solvency of Strategic Companies.