February 28, 2020 / 8:07 AM / a month ago

British Airways-parent IAG says not looking for acquisitions at this time

LONDON, Feb 28 (Reuters) - The head of British Airways-parent company IAG said it is focused on completing its acquisition of Air Europa and was not planning any further deals at the current time.

“We’re focused on the acquisition of Air Europa so beyond that we’re not looking to do anything,” CEO Willie Walsh told reporters on a call on Friday.

Asked if the coronavirus outbreak which has hammered travel demand could spark further consolidation in the airline sector, Walsh said “without question”, but added that he expected weaker airlines to fail, rather than be acquired.

“I can’t see there being much interest in acquiring those failing airlines,” Walsh said.

IAG would look to fill the gap left by any airlines that do fail, he added.

“We’re clearly in a position to adjust our capacity if we see capacity being taken out of the market by airlines failing,” he said. (Reporting by Sarah Young; editing by Kate Holton)

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