International Airlines Group, an Anglo-Spanish multinational airline holding company, agreed to acquire an 80% stake in Air Europa, a private airline in Spain, from Globalia, a travel and tourism services provider, for €400m. "This agreement will enable IAG's Madrid hub to compete on an equal footing with other European hubs and consolidate its position in the South Atlantic. Madrid is the main gateway between Latin America and Europe and there are opportunities to expand its network, providing significant benefits to our customers, employees and shareholders," Luis Gallego, IAG CEO.