British Airways owner to invest five billion in Spain

Includes the purchase of Palma based Air Europa

Big investment.

Majorca Daily Bulletin reporter22/01/2024 10:44

British Airways and Iberia owner IAG plans to invest 6 billion euros ($6.53 billion) in Spain over the next five years, the office of Prime Minister Pedro Sanchez said after he met with IAG's Chief Executive Luis Gallego.

That is an increase from 5 billion euros invested in the past five years, the premier's office added in a statement, and is meant to "advance in the transformation process of its Spanish airlines".

IAG owns Spanish flag carrier Iberia and low-cost Vueling, which is the largest Spain-bred airline by fleet size and destinations. IAG last February also agreed to buy the remaining 80% of Palma-based Air Europa it did not already own in a 400-million-euro deal that was expected to be finalised this year.