IAG-backed Iberia, an airline group, terminated the deal to acquire Air Europa, a provider of airline services, from Globalia, a provider of travel and tourism services in Spain, for c. $600m. "It is very disappointing that we have had to terminate the current agreement to acquire Air Europa but the decision makes sense due to the market conditions, the deep crisis resulting from Covid-19 and taking into account our desire to maintain a disciplined approach to capital allocation," Luis Gallego, IAG CEO. On January 20, 2021 the acquisition price was cut from $1.2bn to $600m. On October 28, 2021, IAG offered concessions to allay EU concerns over $600m Air Europa deal.