Apax and TPG have begun to put together their consortia to make a run for Spanish airline Iberia, reports Expansion newspaper on Thursday.
Apax is talking to Torreal, the vehicle of Spanish businessman Juan Abello, and Inversiones Hemisferio, controlled by the Lara family, who own publishing firm Grupo Planeta. On the other hand TPG has approached Spanish private equity firm Inversiones Ibersuizas. Separately, the Americans are talking to Gala Capital, whose boss, Jaime Bergel, used to run Merrill Lynch in the Iberian peninsula.
Both sides are reportedly looking at tabling an offer just shy of €4, and the make-up of the respective consortiums should be known in the coming days. The Spanish element is important due to internatonal rules on airline ownership and Iberia will not open its books until more details are known.
British Airways will be key to the situation, with 10 per cent of Iberia’s shares and a first right of refusal over a further 26 per cent. It hasn’t yet decided whether to join the party or sell its shares. Lufthansa is also waiting in the wings, thinking about a possible bid for the airline in an effort to merger it with BMI, the British airline in which it holds 30 per cent.
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