International Airlines Group (IAG)matrix Iberiabecame a shareholder Air Europe with 20% stake. As reported by the Hidalgo family business on Tuesday, the IAG group is exercising the option to convert the €100 million loan over seven years, agreed with Globalia last March and formalized in June.
“The decision strengthens the Globalia project, which will remain the majority shareholder. Air Europa,” he emphasizes in a statement.
IAG president Luis Gallego announced last March that the Hidalgo family’s airline Talking to “other companies” for the sale of Air EuropaThe group, which includes Iberia, British Airways, Vueling Aer Lingus and Level, has announced a new agreement that gives it a “one-year exclusivity period” and the right to match any offer for the airline from third parties as negotiations continue. the next three years, so IAG is giving Globalia a 100 million euro unsecured loan over seven years with the option to redeem up to 20% stake in the capital of the now crystallized Air Europa.
The IAG group agreed to buy Air Europa for 1,000 million euros in November 2019, but the arrival of the pandemic paralyzed the operation with the crisis of airlines with paralyzed air traffic. Air Europe necessary recovery State worth 475 million euros and an ICO loan of 140 million euros forced Iberia to reconsider the purchase in January last year, reducing the price to 500 million euros payable over five years.
At the end of last year, Iberia paid 75 million euros to the Hidalgo company. renegotiate the terms While Air Europa is in talks with other companies for its sale, before a new agreement is reached, which could receive the approval of the European Commission.
On the other hand, last June Jesús Nuño de la Rosa became the new CEO of Air Europa. The former CEO of Viajes El Corte Inglés replaces Valentín Lago, who led the airline founded by Juan José Hidalgo after Sepi’s rescue. This appointment has come By mutual agreement Between Air Europa and Sepi; It was not to the liking of Hidalgos in Lago.