The Irish government has accepted a bid for its 25.1 per cent stake in Aer Lingus from International Airlines Group that values the former national carrier at €1.4 billion.
An interdepartmental report into the future of Aer Lingus, which was presented to the Irish cabinet yesterday, recommended that a sale was in the best interests of the taxpayer.
The Republic’s government said that it had agreed to sell its stake after it had received assurances from IAG on Aer Lingus’s Heathrow slots and guarantees that there would be no compulsory redundancies.
“This proposed offer has been the subject of very detailed discussions and negotiations with IAG since the board of Aer Lingus indicated on January 27 that it was prepared to recommend the offer,” Paschal