BA joins Iberia consortium
British Airways today confirmed its involvement in a consortium looking to buy Spain’s Iberia airline.
BA, which has a 10% stake in Iberia, is working with TPG Capital and Spanish funds Vista Capital, Ibersuizas and Quercus Equity.
TPG Capital – formerly known as Texas Pacific Group – sparked the takeover interest when it announced a £2.3bn (€3.4bn) possible offer at the end of March.
British Airways’ position is key to a buyout of Iberia as it also has first right of first refusal over offers for a further 26% of Iberia.
The company has said it will not make an independent bid for Iberia and will not make a further capital investment as part of any consortium offer.
Iberia is Spain’s largest air transport group and the fourth-largest in Europe. It is also a significant provider of services on routes between Europe and Latin America, with the most flights and destinations.
The group employs around 25,000 people.
