Strategic Meetings Summit London, 26 September,
September 29 2022, Kimpton Fitzroy London
Friday 30 September 2022, JW Marriott Grosvenor
Ryanair has accepted an offer from International Airlines Group (IAG) for its 29.8 per cent stake in Aer Lingus.
The announcement means IAG can press ahead with its deal to purchase Aer Lingus after having a €1.4 billion cash offer accepted earlier this year, this was followed by the Irish government agreeing to sell its 25 per cent stake.
The European Union is now the last remaining hurdle before the deal can be completed.
Ryanair's chief executive Michael O'Leary said in a statement: "We believe the IAG offer for Aer Lingus is a reasonable one in the current market and we plan to accept it, in the best interests of Ryanair shareholders.
"The price means that Ryanair will make a small profit on its investment in Aer Lingus over the past nine years."
Last month, the competition watchdog ordered Ryanair to cut its stake in Aer Lingus to 5 per cent.
Ryanair blasted the final decision by the Competition and Markets Authority (CMA) as "ridiculous" and "manifestly wrong".
Ryanair has sought to buy Aer Lingus three times since 2006, but O'Leary said his carrier no longer had any need for Aer Lingus.
“Our original strategy for Aer Lingus (to use it as a mid-priced brand to offer competition to flag carriers at primary airports) has been overtaken by the successful rollout - since Sept 2013 - of Ryanair's "Always Getting Better" strategy, which has seen the Ryanair brand successfully enter many of Europe's primary airports."