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IAG to cut Air Europa price tag to 300-400 million euros - El Confidencial

·1-min read

MADRID (Reuters) - International Consolidated Airlines Group <ICAG.L> has managed to cut the purchase price for Spanish carrier Air Europa to 300-400 million euros ($355-$474 million), news website El Confidencial reported on Tuesday citing unidentified sources.

The London-based group would pay the new price for Air Europa in IAG shares, El Confidencial reported.

IAG's top executives had said they were reviewing the acquisition unveiled a year ago with a price tag of 1 billion euros (897.4 million pounds) before the coronavirus pandemic ravaged the travel industry.

This month, the Spanish government announced a 475 million euro aid package for Air Europa.

IAG's Spanish unit Iberia declined to comment, while officials at Globalia, the owner of Air Europa, were not immediately available for comment.

(Reporting by Inti Landauro and Jesus Aguado; editing by Jason Neely)