British Airways to bid for Spain’s Iberia

London/Madrid : British Airways will join forces with the US private equity firm Texas Pacific Group (TPG) in a bid for Spain's leading airline Iberia, the carrier announced Tuesday in London.

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Spanish reports said the bidding consortium would also include the Spanish funds Vista Capital, Inversiones Ibersuizas and Quercus Equity.

TPG had already announced a possible offer worth about 3.6 billion euros ($4.8 billion).

British Airways already holds a 10 percent stake in Iberia. Spanish investors were to control at least 51 percent of the formerly state-owned airline, which has traditionally been strong in Latin America.