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IAG: to buy assets from Austrian low-cost carrier Niki

(CercleFinance.com) - International Airlines Group is to buy assets of Austria's low-cost carrier Niki, formerly part of Air Berlin, for 20 million euros, the airline group said on Tuesday.

The deal - which will provide up to 16.5 million euros in liquidity to Niki - will be made by a newly formed subsidiary of IAG's Vueling, which will be incorporated as an Austrian company.

The assets include up to 15 A320 family aircraft and an attractive slot portfolio at several airports, including Vienna, Dusseldorf, Munich, Palma and Zurich.

The new company plans to employ approximately 740 former Niki employees.

"Niki was the most financially viable part of Air Berlin and its focus on leisure travel means it's a great fit with Vueling," IAG chief executive Willie Walsh said.

The plan aims at increasing Vueling's presence in Austria, Germany and Switzerland.

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