IAG has converted the loan granted to Globalia for a value of 100 million euros into a 20% stake in the airline of said group, Air Europa. The convertible loan to Globalia was announced on March 17, 2022 and now the IAG holding company has exercised its right to exchange it for a stake in the airline, as reported to the National Securities Market Commission (CNMV). This agreement was conditional on Globalia receiving the approval of the syndicated banks that facilitated the loan contract partially guaranteed by the Official Credit Institute (ICO) and the State Industrial Participation Company (SEPI). Specifically, the Spanish government injected 615 million euros into the Globalia airline through a loan guaranteed by the ICO for an amount of 140 million and carried out a rescue of 475 million authorized by SEPI. Iberia, an IAG airline, announced the purchase of Air Europa for 1,000 million euros in November 2019. With the arrival of the pandemic and the economic effects it had on the accounts of the Globalia airline, the agreement has been upgrading to this convertible loan. IAG continues to defend the importance of creating a ‘hub’ at Barajas airport that can compete with other European airports, for which this merger is important. The shares of the airline holding company IAG rose 1.40% on the stock market at 11:30 a.m. on Tuesday, to 1.44 euros per share, after the company announced the conversion of the loan to Globalia into a 20% stake at Air Europa.
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