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Spain’s Hidalgo family, through Globalia, will continue to be the majority shareholder of Air Europa, while British Airways owner IAG will retain its current 20% stake through the purchase of shares from Globalia.

The transaction, which will close once regulatory requirements have been met in about 6 to 12 months, values Air Europa at approximately 1.2 billion euros ($1.4 billion).

The deal is a rare case of a non-European carrier buying a stake in an airline on the continent and comes as airlines are looking to consolidate the continent’s fragmented market by snapping up smaller struggling operators.

After announcing the deal, Air Europa said it had repaid a loan of almost 500 million euros from Spain’s state-owned industrial holding company SEPI one year ahead of schedule.

($1 = 0.8575 euros)

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A&O Shearman has advised DSBJ PTE. LTD., a subsidiary of Suzhou Dongshan Precision Manufacturing Co., Ltd (DSBJ), an industrial group listed on the Shenzhen Stock Exchange, on the acquisition of Groupe Mécanique Découpage (GMD), a leading French automotive supplier company with operations in France and internationally, and the restructuring of its financial debt. This operation allows DSBJ to develop its activities in Europe.