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Aer Lingus will become part of IAG after 95 per cent of shareholders voted in favour of the deal, bringing an end to almost 80 years of state involvement in the airline.
IAG, which also owns Iberia and British Airways, confirmed its offer had been accepted by Irish carrier Ryanair, which had owned 29.8 per cent of Aer Lingus.
"Ryanair's acceptance was a condition of the offer which is now wholly unconditional as all the conditions have been satisfied," IAG said in a statement.
IAG CEO Willie Walsh said the deal will bring a host benefits to passengers and the Irish economy.
“We’d like to welcome Aer Lingus into IAG,” said Walsh. “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.”
The IAG offer for Aer Lingus will remain open for acceptance until the final closing date of 15:00 September 1, 2015.