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British Airways owner, the International Airlines Group (IAG), has taken a 20 percent stake in Mallorca-based airline, Air Europa.

The deal is part of an agreement forged in March in which which IAG granted Air Europa’s parent company Globalia a 100 million euros loan convertible into shares with which to buy 20% of the Spanish airline. The deal valued 100 percent of Air Europa at 500 million euros, without debt.

AIG comprises six airlines: Aer Lingus, British Airways, Iberia, LEVEL, Vueling, and IAG Cargo. In the second quarter of 2022 (Q2 2022), the group reported an operating profit of €293 million ($285.2 million), compared to an operating loss of €967 million ($985mn) for the same quarter last year.