The owner of British Airways has agreed a €1bn takeover of Spain's third-largest airline, Air Europa.
International Airlines Group already owns Iberia and low-cost carrier Vueling in the country and marks the latest consolidation in an industry suffering from the effects of stiff fare competition and surging fuel bills. The company said the all-cash deal aimed to close by the middle of next year, subject to regulatory clearances.Buying Air Europa, IAG said, would reestablish its position as a leader in the provision of European air travel to the Latin America and Caribbean markets and bolster Madrid's hub airport status as it battles Amsterdam, London Heathrow and Paris Charles De Gaulle.
"IAG has a strong track record of successful acquisitions, most recently with the acquisition of Aer Lingus in 2015 and we are convinced Air Europa presents a strong strategic fit for the group."
Or another debt millstone like the one that destroyed Thos Cook .
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