British Airways - Signs merger agreement with Iberia

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Slaughter and May is advising British Airways, working as an integrated team with Uría Menéndez, on a proposed merger with Iberia to create a new leading European airline group and one of the world's largest airlines.

The merger, that was announced on 08 April 2010, is expected to be completed in late 2010 and will create a new holding company called International Consolidated Airlines Group SA which will be known as International Airlines Group. Both airlines will retain their current operations and operate under their individual brands - British Airways and Iberia.

International Airlines Group will have a premium listing in the UK and its shares will be traded on the main market of the London Stock Exchange and on the Spanish stock exchanges, through the Spanish Stock Exchanges Interconnection System (Mercado Continuo Español).

Regulatory confirmation has been received from the UK and Spanish civil aviation authorities.

Completion of the merger is subject to regulatory approval from the relevant competition authorities and the pension recovery plan agreed between British Airways and its pension trustees being, in Iberia's reasonable opinion, not materially detrimental to the economic premises of the merger.

M&A: Steve Cooke (partner); David Wittmann (partner); Competition: Bertrand Louveaux (partner); Tax: Tony Beare (partner)
 
Uría Menéndez: Juan Francisco Falcon (partner)