Business News

Aer Lingus joins IAG as iconic deal gets shareholder agreement

By Business & Finance
19 August 2015
Willie Walsh
Willie Walsh, CEO, IAG

More than 95% of Aer Lingus shareholders have voted in favour of an acquisition by British Airways owner IAG.

Aer Lingus Group plc will now become part of International Airlines Group (IAG) after IAG received confirmation of the acceptance of its offer for Aer Lingus in respect of all the Aer Lingus shares held by the Ryanair Group. Ryanair’s acceptance was a condition of the offer which is now wholly unconditional as all the conditions have been satisfied.

IAG chief executive Willie Walsh said: “We’d like to welcome Aer Lingus into IAG. It will remain an iconic Irish brand with its base and management team in Ireland but will now grow as part of a strong, profitable airline group. This means new routes and more jobs benefitting customers, employees and the Irish economy and tourism.”

With acceptances from investors representing 95% of Aer Lingus’ shares, IAG can now acquire any remaining shares in the company.

Shareholders who accepted the offer by Tuesday’s deadline of 1pm, will be paid on or before September 1st with shareholders receiving a cash payment of €2.50 for each share held, and a cash dividend payment of 5 cents per share. Those shareholders who have not accepted the offer, can do so before the final closing date of 3pm on September 1st.