IAG agreed with Globalia to acquire the remaining 80 percent equity of Air Europa, following the acquisition of a 20 percent equity stake in August 2022. The Air Europa fleet is one of the most modern on the continent. Air Europa flies to over 44 destinations in Spain, the rest of Europe, South America, North America, the Caribbean, Morocco and Tunisia. (‘Air Europa Holdings’). The fair value was determined on the stand-alone basis of Air Europa Holdings without consideration of potential synergies that could be obtained if the Group were able to obtain control over the operations of Air Europa Holdings.

Source: Ethiopian News February 25, 2023 12:30 UTC