British Airways (London) and Iberia (Madrid) parent company International Airlines Group (IAG) (London) has confirmed that it has reached agreement with Aer Lingus (Dublin) to make a €1.4 billion ($1.5 billion) (£1 billion) cash offer for Ireland’s national carrier.
The deal, which comes after months of negotiations, values Aer Lingus at €2.55 a share ($2.80 a share).
The board of the Irish carrier is recommending the offer, which was made after confirmation from the Irish government that it is willing to sell its 25 percent stake in Aer Lingus.
The decision of the sale was made at a meeting of the Irish cabinet late on Tuesday, which itself followed indications earlier in the day from Brussels that European competition authorities would not stand in IAG’s path.
Yesterday (May 28) IAG updated the Aer Lingus offer with this formal statement: CLICK HERE
Read more from The Irish Times: CLICK HERE
Assistant Editor Oliver Wilcock reporting from Manchester.
Copyright Photo: AirlinersGallery.com. Aer Lingus Airbus A320-214 EI-DEO (msn 2486) in the special Green Spirit – Official Airline of the Irish Rugby Team livery taxies at the home of IAG and British Airways – London (Heathrow).