International Airlines Group has been unsuccessful in its bid to acquire Austrian airline NIKI.
The airlines group, parent company to British Airlines, Iberia, Vueling and Aer Lingus, says it agreed to buy NIKI’s assets on December 29 under the German insolvency process, subject to closing conditions.
The €20 million deal was said to have also provided liquidity to NIKI of up to €16.5 million.
On January 12, NIKI insolvency proceedings opened in Austria, prompting a new sales process.
International Airlines Group (IAG) made another bid on January 19 but has released a statement this morning saying that its bid has been unsuccessful.
“IAG is disappointed that NIKI will not be able to develop and grow stronger as part of the group,” the company said in a statement.
NIKI was originally founded by the Austrian former Formula One racing driver Niki Lauda.