International Consolidated Airlines Group (IAG) the parent company of British Airways and Iberia has recently acquired Air Europa for 1 Billion Euros.
The Acquisition is aimed to turn IAG’s Madrid Airport a major competitor to the four major European hubs of Amsterdam, Heathrow, Frankfurt, and Paris Charles De Gaulle.
The Company Said this deal will help IAG to become a significant player in Europe, Latin America, and the Caribbean market.
CEO of IAG Group Willie Walsh Said “Merging Air Europa would add new cost-effective airline to IAG and generating new financial value for stakeholders”
Earlier in 2015 IAG acquired Air Linger for 1.4 Billion Euros which now makes more profit than British airlines according to CEO Walsh
The New Deal is Expected to Fully Complete by Next year and forecasted to achieve Savings by 2025
Air Europa Operates Domestic and International Flights to a total of 69 Routes Including Europe, Latin America, Caribbean, North Africa, and the United States.
In 2018 Air Europa Carried Approx. 108 Million Passengers generating a revenue of 2.1 Billion Euros with a net profit of 100 Million Euros.