British Airways-owner International Consolidated Airlines Group SA on Monday announced a share buyback programme aimed at fulfilling a requirement to fully buy Air Europa from Globalia.

IAG in February 2023 said it will buy the remaining 80% stake in Air Europa for around €500 million, after it had secured a 20% stake in August 2022.

IAG on Monday said it will buy a maximum of 27.1 million shares for a maximum of €70.0 million.

It explained that the share buyback programme is aimed at fulfilling a requirement to deliver shares to Globalia as part of the consideration for the proposed buy of the remaining 80% stake in Air Europa.

IAG’s share buyback programme starts on Monday and will run until maximum August 2.

IAG shares were 0.6% higher at 163.20 pence each on Monday morning in London.

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