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Industrials

British Airways-owner buys Spain's Air Europa for 1 bln euros

Nov 4 (Reuters) - British Airways owner IAG said on Monday it had agreed to buy Spanish carrier Air Europa for 1 billion euros ($1.12 billion) in cash as it set its sights on the market in European travel to Latin America.

“Acquiring Air Europa would add a new competitive, cost effective airline to IAG, consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership,” Willie Walsh, chief executive of IAG said. ($1 = 0.8951 euros) (Reporting by Yadarisa Shabong in Bengaluru; editing by Patrick Graham)

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