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Airline Giant IAG Buys Spain’s Air Europa For $1.2 Billion

Airline Giant IAG Buys Spain's Air Europa For $1.2 Billion

London-listed airline giant IAG, owner of British Airways and Iberia, announced on Monday that it has agreed to buy Spain’s Air Europa for 1.0 billion euros ($1.2 billion).

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IAG said in a statement that it has signed a transaction agreement with Air Europa owner Globalia in a deal which will cement Madrid as a major hub for the enlarged group and expand its routes to Latin America and the Caribbean.