International Airlines Group (IAG), the parent holding company of British Airways and Iberia, is set to purchase Spanish low-cost carrier Vueling after securing the final approval of the Spanish carriers’ shareholders.
IAG subsidiary Iberia owns 45.85 percent of Barcelona-based Vueling’s shares. 82.48 percent of the remaining shareholders have decided to accept IAG’s offer of 9.25 euros per share.
The acquisition will be completed on April 26, 2013 with Vueling becoming a standalone company within IAG. Vueling’s CEO, Alex Cruz, will report to IAG’s chief executive, Willie Walsh.