BRUSSELS (Reuters) - Airline group IAG said on Monday that it had sought antitrust approval from the European Union for its previously announced plans to buy out the whole of Spanish low-cost airline Air Europa.
IAG, which owns British Airways (LON:ICAG) and Iberia, said it was ready to offer an ambitious and broad set of remedies to address the European Commission's concerns over the deal, and it was committed to closing the transaction as quickly as possible in 2024.
"We have notified our proposed acquisition of Air Europa to the European Commission today. The deal will deliver benefits for consumers and the wider Spanish economy, as well as improve Madrid's competitiveness with other European hubs," IAG Chief Executive Luis Gallego said in a statement.
In February, IAG said it had agreed to pay 400 million euros ($429.80 million) to Spain's Globalia for the remaining 80% of Air Europa which it did not already own.
IAG will likely sound out various rivals, both EU and non-EU ones, to see if they are interested in taking its remedies. Airline mergers usually involve giving up airport slots to address competition concerns as well as offering access to loyalty programmes.
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