Airline giant IAG buys Spain's Air Europa for 1.0 bn euros

London-listed airline giant IAG, owner of British Airways and Iberia, announced Monday that it has agreed to buy Spain's Air Europa for 1.0 billion euros ($1.2 billion).


File photo: VCG

IAG said in a statement that it has signed a transaction agreement with Air Europa owner Globalia in a deal which will cement Madrid as a major hub for the enlarged group and expand its routes to Latin America and the Caribbean.