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(CNN Spanish) - The airline Iberia has reached an agreement to acquire Air Europa, for some 1,116 million dollars, according to a statement, the financial director of IAG (International Consolidated Airlines), Steve Gunning.
The closing of the purchase is expected to be formalized in the middle of next year when the agreement is approved by the European market authorities.
In addition, this operation is expected to strengthen Madrid airport as one of the main air connection centers (HUB) in Europe and the main air connection point with long-distance routes to Latin America and the United States.
According to Willie Walsh, CEO of IAG, the company "has a solid track record of successful acquisitions, the most recent with the acquisition of Aer Lingus in 2015, and we are convinced that Air Europa represents a great strategic fit for the group."
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“This operation is of great strategic importance for the Madrid hub that, in recent years, had lagged behind other European hubs. After this agreement, Madrid will be able to compete with other European hubs on equal terms, with a better position on the routes from Europe to Latin America and the possibility of becoming a gateway between Asia and Latin America, ”said Luis Gallego, advisor Iberia delegate.
Iberia
