IAG to buy Vueling for 113m euros11 November 2012
International Consolidated Airlines Group (IAG) is making a cash tender offer to buy 100 per cent of the share Vueling, the Spanish low-cost airline based in Barcelona.
IAG’s subsidiary Iberia owns 45.85% of Vueling’s shares currently and the Iberia board has agreed not to tender them in the offer. This means that Iberia would retain its shareholding in Vueling with IAG seeking to acquire the remaining 54.15%.
The offer will be â‚¬7.00 per ordinary share of Vueling with the total cost of acquiring 54.15% anticipated to be â‚¬113m. It will be funded using internal IAG resources.