European com­pe­ti­tion aut­ho­ri­ties still have to give their green light

Air Europa Will Shortly Receive The €100 Loan From Iberia, Convertible To 20% Of Its Capital

Air Europe.
Air Europe.

Intermoney | The chairman of Iberia, Javier Sánchez-Prieto, has con­firmed that Globalia al­ready has the green light from SEPI, con­tro­lled by the Finance Ministry, and the ban­king syn­di­cate led by Santander, for the 100 mi­llion euros loan con­ver­tible into shares with which to buy 20% of Air Europa. The deal was forged in March and is a first step to­wards the full ac­qui­si­tion of Air Europa.

That said, it is still pending that various competition regulators in several European countries (UK, Germany and Spain) give their ‘OK’ to this acquisition operation.

Valuation:

Positive news which means a first step towards IAG buying 20% of Air Europa. Although the European competition authorities still have to give their green light, we do not believe they will put any impediment since with a 20% stake, Iberia will not have any influence in the management of Air Europa. The company is putting a limit of 18 months on buying 100% of the airline.

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