IAG Agrees to Give Air Europa's Owner EUR100 Million Loan for Potential 20% Stake in Airline -- Update

By Sabela Ojea

International Consolidated Airlines Group SA said it has signed a deal with Air Europa's conglomerate owner Globalia Corporacion Empresarial SA to provide a 100 million euro ($110.3 million) seven-year unsecured loan in exchange for a potential stake of up 20% in the Spanish airline.

The airline group--which houses British Airways, Iberia and Vueling, among others--said Thursday that the agreement gives it time to evaluate the interest of both parties after terminating the contract for the acquisition of Air Europa in December 2021.

Regarding the potential equity interest in Air Europa, IAG said the agreement comes with the option to convert the loan into an up to 20% stake in the carrier, as well as with an exclusivity period in connection to offers for the airline.

The agreement "provides for a period of exclusivity of one year while discussions take place and this is accompanied by a right to match any third-party offer for the airline in the next three years, together with a right to exit alongside Globalia, should it sell Air Europa at any time in the future," the FTSE 100-listed company said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 18, 2022 03:51 ET (07:51 GMT)

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