IAG offer for NIKI fails

International Airlines Group (IAG) announced today that their bid for Niki was unsuccessful, so the holding will not purchase the Austrian airline at the end. IAG shows disappointed for the fail of its offer and explains how January 12th, 2018 NIKI insolvency proceedings opened in Austria initiating a new sales process.

IAG resubmitted its bid on January 19th, 2018 and has been advised today that the bid was unsuccessful.

Air Berlin held a 24% of NIKI and Niki Lauda, the fouder of the airline, the rest of the capital.

Bidding for NIKI since 29th December 2017

International Airlines Group (IAG)had announced on December 29th, 2017 that it had agreed to buy assets of the Austrian airline NIKI under the German insolvency process, subject to customary closing conditions.

IAG offered to pay at that time €20 million providing liquidity to the airline, which formerly was part of the Air Berlin group, for of up to €16.5 million.

The transaction was being made by a newly formed subsidiary of Vueling which would have been incorporated as an Austrian company and run initially as a separate operation. The transactionwas subject to customary closing conditions such as the EC competition approval.

The assets includeed up to 15 A320 family aircraft and an attractive slot portfolio at various airports including Vienna, Dusseldorf, Munich, Palma and Zurich.

The new company would have employed approximately 740 former NIKI people to run the operation.

Image over the headline.- NIKI airplane. © NIKI.

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