IAG has signed an agreement to purchase Spanish carrier Air Europa for €1 billion. The airline, which IAG said has plans to turn its Madrid base into a “true rival to Amsterdam, Frankfurt, London Heathrow and Paris Charles De Gaulle”, is currently the third biggest in Spain behind Iberia and Vueling – both of which are already part of IAG. Under the agreement, the airline will be acquired by IAG subsidiary Iberia, with the group stating that the brand “will initially be retained and the company will remain as a standalone profit centre within Iberia run by Iberia CEO Luis

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