Fusiones y Adquisiciones

💻 Spanish airports, especially Palma de Mallorca's Son Sant Joan, experienced chaos due to a global Microsoft computer error. Long lines formed, extending up to 100 meters. Aena confirmed that schedules are being maintained with some delays and airlines are reprogramming operations. All Spanish airports remain operational as systems gradually recover.

✈ IAG, the Anglo-Spanish airline group, earns the third-best recommendation on Ibex 35 according to El Economista's Liga Ibex. Since the summer of 2020, IAG has jumped ten spots in the ranking. Shares are up nearly 16% this year, with an 8% rise in July alone, hitting €2.10 per share with a projected 26% upside to €2.60. Analysts from CaixaBank BPI, JB Capital Markets, and Panmure Liberum predict shares could exceed €3, with Panmure Liberum estimating a €5.33 target. On August 2, IAG will present Q2 results. For 2024, analysts forecast over €5.8 billion in gross earnings, up nearly 5% from 2023, with expectations of dividend payments resuming with a 2.4% yield.

🛫 IAG's purchase of Air Europa is nearing conclusion with the European Commission's final decision due in just over a month. IAG has proposed ceding up to 52% of Air Europa's business to satisfy the Directorate-General for Competition, with six companies preselected to absorb the freed-up business: Binter, Ryanair, Volotea, Avianca, World2Fly, and Iberojet. On long-haul routes, World2Fly has three A350-900 and two A330-300 aircraft, Iberojet operates six long-range jets, and Avianca has 12 Boeing 787 Dreamliners. For short and medium-haul, Binter will add five new Embraer E195-E2 jets by year-end, Volotea has a fleet of 44 planes, and Ryanair dominates with over 3,000 daily flights and nearly 600 Boeing 737 aircraft.

✈ Carsten Spohr, CEO of Lufthansa, blames Boeing and Airbus for annual revenue losses of €500 million due to delayed aircraft deliveries. These delays hinder growth and force the use of less fuel-efficient aircraft. Delays expected beyond 2030, limiting expansion and market adaptation. Lufthansa awaits 229 aircraft orders, including A220, A320, A321, A350, 737, 777, and 787 models. About 100 airplanes grounded for maintenance or retirement, and negotiations ongoing for compensation from Pratt & Whitney due to engine crisis affecting Swiss A220s.

🏆 Spain faces England in the Eurocup final at Berlin's Olympic Stadium next Sunday. Spanish accommodation searches in Berlin increased by 300% according to Booking.com. Searches climbed 250% for quarterfinals against Germany and 225% for semifinals against France. Bookings tripled for July 13-15 compared to last year, marking Spain's most critical match in a decade. Pilar Crespo of Booking.com highlighted Spanish fans' eagerness to support their team aiming for their fourth Eurocup.

💰 Thomas Cook's creditors to receive part of outstanding payments, with the liquidator announcing a return of £280 million (over €330 million) from asset liquidation, including Thomas Cook Airlines' slots, hotel investments, and over 550 travel agencies sold to Hays Travel. David Chapman, the appointed liquidator, is working on finalizing the process involving 57 different entities. Creditors must submit claims by August 2, with expected payments by the end of September. Thomas Cook collapsed in September 2019 due to a debt over £1.1 billion (over €1.3 billion), acquired by Fosun International for £11 million (€12.75 million) to relaunch as an online travel agency.

🏨 Room Mate Hotels, led by Kike Sarasola, has acquired Staying Valencia, adding 10 new properties, nearly a 50% increase to its portfolio. Backed by TPG Angelo Gordon and Westmont Hospitality since 2022, the chain operates debt-free with an EBITDA target of €40 million. Staying Valencia includes Helen Berger, the city's top-rated hotel, positioning Room Mate in Spain's third-largest city and marking four of its hotels among the top ten in Valencia. Following the acquisition of Lime Tree Hotel in London and the opening of Palazzo Dei Fiori in Venice, Room Mate Hotels now operates 32 properties across Spain, Italy, the Netherlands, the UK, and Turkey, with plans to launch "Room Mate Collection" for luxury travel experiences.

🏖 La Alianza de Municipios Turísticos Sol y Playa (AMT) avanzó en Madrid el 5 de julio de 2024 en la organización de un think tank sobre turismo vacacional sostenible. Presidida por Juan Antonio Amengual, alcalde de Calvià, la asamblea abordó la valoración y potenciación del turismo de sol y playa y turismo azul. El taller, de fecha por definir, contará con expertos y se alinea con los planes de sostenibilidad turística y modelos de turismo pioneros apoyados por la Secretaría de Estado de Turismo. La AMT, creada en 2017, incluye destinos turísticos españoles como Adeje, Arona, Benidorm, y Torremolinos, enfocados en financiación, digitalización, sostenibilidad y cooperación.

💲 Beroni and Intermundial announced a collaboration agreement today, enabling Beroni's technology clients to access travel and gadget insurance products and services from Intermundial, part of Grupo Atlantigo. Intermundial's offerings are now available for free activation on Beroni's Wasabi-S platform across suite, web, and corporate sales channels, benefiting over 20,000 daily professional users. This partnership aims to enhance profitability and provides competitive rate structures, favoring both travel agents and the companies involved.

Magyar Vagon a maintenu en avril son offre publique d'achat (OPA) pour 100% du capital de Talgo, soutenue par les principaux actionnaires, et s'ouvre à la collaboration avec le gouvernement et d'autres entreprises, sans inclure de capital russe et avec le financement venant exclusivement de Hongrie. Le gouvernement espagnol doit prendre une décision sur cette opération avant le 10 août, date à laquelle la Commission Nationale des Marchés et Valeurs (CNMV) est censée ratifier l'offre, en attendant laquelle la société hongroise envisage de porter la facturation de Talgo à 1 000 millions d'euros, et de maintenir le siège et la direction en Espagne.