Beeline Holdings sells $1.2 million in stock, totals $14.5 million since March
LONDON - International Consolidated Airlines Group (LON:ICAG), S.A. (IAG), has announced the initiation of a €500 million share buyback program, constituting the first portion of a planned €1 billion capital return to shareholders. The program, revealed on February 28, 2025, aims to reduce the company’s share capital, pending shareholder approval.
The buyback will commence on March 5, 2025, and is set to conclude by May 30, 2025. It will be conducted on regulated markets, specifically the London Stock Exchange (LON:LSEG) and the Spanish Stock Exchanges, adhering to the Market Abuse Regulation of the EU and related regulations.
IAG has engaged Goldman Sachs Bank Europe SE and Morgan Stanley (NYSE:MS) Europe SE to execute the buyback in alternating sequences, with the banks operating independently of IAG within pre-agreed parameters. The program will involve purchasing shares from the market and from Qatar Airways, which has agreed to sell shares proportionally to maintain its 25.1434% stake in IAG.
The first tranche allocates up to €374 million for market purchases and €126 million for shares from Qatar Airways. The price per share will not exceed the lower of the last independent trade and 105% of the average market value of the shares over the preceding five business days.
The buyback is limited to 330 million shares, representing 6.64% of IAG’s share capital as of the announcement date. Daily purchases will not surpass 25% of the average daily volume traded on the exchanges over the prior 20 trading days.
Shares acquired will be held in treasury until a shareholder meeting approves their cancellation. This information is based on a press release statement from IAG.
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