MADRID (Reuters) - International Consolidated Airlines Group (L:ICAG) has managed to cut the purchase price for Spanish carrier Air Europa to 300-400 million euros ($355-$474 million), news website El Confidencial reported on Tuesday citing unidentified sources.
The London-based group would pay the new price for Air Europa in IAG shares, El Confidencial reported.
IAG's top executives had said they were reviewing the acquisition unveiled a year ago with a price tag of 1 billion euros (897.4 million pounds) before the coronavirus pandemic ravaged the travel industry.
This month, the Spanish government announced a 475 million euro aid package for Air Europa.
IAG's Spanish unit Iberia declined to comment, while officials at Globalia, the owner of Air Europa, were not immediately available for comment.