International Airlines Group, otherwise known as IAG , announced a takeover reported to be worth €1 billion ($1.12 billion) of Spanish rival Air Europa to boost its presence on routes to Latin America and the Caribbean.
In a statement released Monday, the International Airlines Group, or IAG, says the purchase will be completed by the end of 2020 if competition regulators approve it.
“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,” Willie Walsh, chief executive of IAG said.
"The acquisition of Air Europa will add to IEG a new, competitive and cost-effective airline," IAE Chief Executive Willie Walsh was quoted by Reuters as saying.
"This will strengthen Madrid s position as a leading European center and result in IEG s leadership in the South Atlantic," Welch said.