European airline buys Spanish carrier Air Europa

#PurchaseOfSpanishRivalAirEuropa; #TheInternationalAirlinesGroup; #Madrid; #Spain

Madrid (Spain), Nov 4 (Canadian-Media): An agreement has reached between the parent company of British Airways and Iberia to buy Spanish rival Air Europa for 1 billion euros ($1.1 billion), media reports said.

Air Europa/ Facebook

MADRID (AP) — The parent company of British Airways and Iberia has agreed to buy Spanish rival Air Europa for 1 billion euros ($1.1 billion).
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— NJ (@9Joe9) November 4, 2019

The purchase of Air Europa will be completed by the end of 2020, subject to the approval of competition regulators, stated The International Airlines Group (IAG) on Monday. 

It is expected by IAG expects that the purchase of Air Europa would to turn its Madrid base into “a true rival” to Europe’s main air travel hubs in Amsterdam, Frankfurt, London and Paris and to lead flights between Europe and Latin America and the Caribbean.

As one of the world’s largest airline groups, IAG flies to 268 destinations with 573 airplanes and 66 aircraft to 69 destinations in and outside of Spain are operated by Air Europa