Iberia plans to purchase Air Europa's stake for €500 million, marking a significant shift in the European aviation industry following the coronavirus pandemic. The acquisition is valued at €500 million and is expected to be completed in 2024. IAG has proposed strategic concessions to increase competition, including surrendering routes and slots to competitors like Ryanair, Volotea, and World2Fly. The merger aims to convert Madrid-Barajas into a competitive hub for intercontinental flights, boosting passenger traffic and improving connectivity. The merger is expected to create between 1,250 and 1,800 direct jobs, augment Madrid airport's earnings by €30 million, and enhance air cargo traffic by 16,000 tons.
(Source: Aerovalue. Read article here)
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