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ExCeL London - 24-25 February 2021
British Airways owner International Airlines Group (IAG) has acquired a stake in low-cost carrier Norwegian and confirms media speculation that it is considering a full take-over.
IAG confirmed in a statement that it has acquired a 4.61 per cent stake in Norwegian and admits it finds the LCC “to be an attractive investment”.
The group says the minority investment is “intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer”.
However, IAG confirms that such discussions have yet to take place and no decision has been made to place an offer, or even if such a measure will ever be taken.
Meanwhile, Norwegian says it was not aware of IAG's share purchase until it was reported in the media this morning. The carrier reports that there have not been any discussions with IAG on a full offer, but "believes that interest from one of the largest international aviation groups demonstrates the sustainability and potential of our business model and global growth".
Norwegian has been growing its international network lately, expanding its UK operations to North America and establishing a subsidiary in Argentina, but the airline posted a net loss of £27.4 million in 2017.