Iberia-owner International Airlines Group has agreed to pay 400 million euros ($423.84 million) to Spain's Globalia for the remaining 80% of airline Air Europa it did not already own, the company said in a statement on Thursday.
It said the first 200 million euros will be paid once the deal gets the go-ahead from antitrust authorities. Another 100 million euros will be paid in IAG shares while the final 100 million euros will be paid in cash.
The protracted takeover began in 2019 when IAG announced it had agreed to buy its smaller rival for 1 billion euros with the goal of building a big hub in Madrid, but the COVID pandemic and antitrust concerns derailed the merger.
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