International Airlines Group’s attempt to acquire Austrian carrier Niki has been “unsuccessful”, the company has confirmed.
In a statement released to the stock market this morning, IAG said it was “disappointed” that Niki, founded by Formula One driver Niki Lauda, “will not be able to develop and grow stronger as part of the group”.
The BA parent, which also owns Iberia, Vueling and Aer Lingus, says it had agreed to buy Niki’s assets on December 29, 2017 under the German insolvency process, subject to closing conditions.
The deal – worth €36.5m – included a €16.5m package to provide Niki with liquidity.
Although on January 12 the carrier’s insolvency proceedings opened in Austria, prompting a new sales process.
IAG said it had subsequently made another bid for Niki on January 19 but confirmed in its statement that the bid had failed.