IAG, which owns British Airways and Iberia, already holds 48.85 per cent of Vueling. It will increase its share to 91 per cent after a majority of the remaining shareholders accepted IAG's offer of €9.25 ($12) per share. "The board considered that the price per share IAG offered was fair. But more importantly, we said that the full integration of Vueling into the IAG structure offers significant strategic opportunities for future growth and development," Vueling's chairman, Josep Pique commented. "I am convinced that Vueling will maintain the dynamism, innovative spirit and competitiveness that are the foundation of its success. Those attributes, along with a reinforced presence in IAG, will allow us to continue to grow and consolidate our position as a unique player in European commercial aviation." The deal will cost IAG a total of €124m ($161m). Vueling will operate as a separate entity with its CEO, Alex Cruz, reporting to IAG CEO, Willie Walsh.