British Airways parent gains full control of Spain’s Vueling for $160 million
Photo Credit: A Vueling jet pulls away from the gate at Amsterdam's Schipol Airport. Flickr / Doug
Skift Take
Cutting the losses incurred by one Spanish carrier by buying another would appear to be a flawed strategy, but Barcelona-based Vueling has remained profitable throughout the economic downturn.
British Airways parent IAG SA acquired control of discount carrier Vueling Airlines SA for 123.5 million euros ($160 million) as Europe’s third largest airline group seeks to stem losses in Spain.
IAG, which already held a 45.85 percent stake in Barcelona- based Vueling, now owns 90.51 percent after the majority of remaining investors accepted its offer of 9.25 euros a share, the London-based company said today in a statement.
IAG had sought con
