The European Commission yesterday (July 14) approved IAG’s bid to buy Aer Lingus, on the condition that the airline group gives up five pairs of daily slots at London Gatwick to other carriers flying to Dublin or Belfast.
The decision came just four days after Ryanair’s board voted in favour of accepting IAG’s offer for its 30 per cent stake in Aer Lingus.
IAG is offering to pay €2.55-a-share for the carrier to Ryanair and the Irish Government, an offer that values the airline at €1.3bn ($1.4bn).
Ryanair’s Michael O’Leary said: “We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it. The price means that Ryanair will make a small profit on its investment in Aer Lingus.”