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BA teams up with private equity firms for Iberia bid

24 April 2007

British Airways is in negotiations with private equity about a potential €5bn (£3.39bn) takeover offer for Iberia but has ruled out making a solo bid for the Spanish flag-carrier.

It is understood that Apax Partners is one of three private equity houses in talks with BA and is negotiating to bring Spain’s Gestair on board. In an announcement to the Stock Exchange yesterday, BA said it was considering how to use its 10 per cent stake holding in Iberia after US private equity house Texas Pacific Group (TPG) made an indicative offer of €3.60 a share for the carrier last month. This valued the Spanish airline, whose shares have doubled in the past six months on the expectation of further consolidation in the sector, at €3.4bn.


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