British Airways’ parent company IAG has successfully completed its €2.74 billion fundraising after all of its new shares were snapped up.
IAG, which also owns Aer Lingus, Iberia and Vueling, announced plans to raise the money through a share offering last month to allow the group to “withstand a more prolonged downturn in air travel” over the coming winter.
The group confirmed on Thursday (1 October) that shareholders had purchased all of the 2.98 billion new shares being created in the rights issue.
IAG’s new chief executive Luis Gallego, who replaced long-serving boss Willie Walsh in September, added: “We’re delighted our shareholders have supported the capital raise. It strengthens IAG’s financial and strategic position.”