IAG completed its share buyback programme, purchasing 27,064,575 shares to complete the acquisition of Air Europa. The purpose was to cover the commitment to deliver Globalia shares.
Iberia’s parent company, IAG (Iberia), entered into a share buyback program, acquiring 27,064,575 shares, representing 0.5% of the company’s share capital. In this process, €70 million was allocated.
The purpose of this operation of the aviation holding was to fulfil the obligation to deliver shares to Globalia as part of the consideration agreed for the acquisition of the remaining 80% of the issued share capital of Air Europa.
He The share buyback programme was approved by the IAG shareholders’ meeting on 26 June. and was launched on July 1. As reported to the National Securities Market Commission (CNMV), this culminated in 9 days with purchases made on July 10.
In the event that the Air Europa acquisition transaction is not completed due to pending regulatory approvals, shares acquired under this program may be used for delivery to managers or employees in accordance with the company’s incentive plans.
IAG, which owns 20% of Air Europa since 2022, has submitted a list of concessions to the European Commission (‘remedies’ in Community terms) to ensure that competition is maintained after 100% integration of Air Europa is completed. If the delaying measures are not applied, the European Commission must take a decision on the acquisition by 20 August this year.
The completion of IAG’s share buyback programme marks a significant step in the acquisition of Air Europa. The company continues to advance its expansion and consolidation strategy in the air transport market, pending the relevant regulatory decisions to complete this key transaction in the sector.
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