for about £172.5 million. Also the parent company of Iberia, IAG in November agreed to the acquisition before BA rival Virgin Atlantic submitted a competing bid. A prepared statement from Lufthansa CEO Christoph Franz did not reference the Virgin offer but indicated the IAG deal represents "the solution that best provides [BMI] and its employees with sustainable prospects for the future." As part of the agreement, IAG will acquire 56 daily slot pairs at London Heathrow, thereby increasing its slot share at the airport to 53 percent from 44 percent. "We will maintain a comprehensive domestic schedule including Belfast," according to IAG chief executive Willie Walsh, adding that the company also will
grow its long-haul network from Heathrow. IAG intends to integrate only BMI's mainline operation, including a fleet of 27 aircraft. "BMI regional and BMIbaby are not part of our plans and Lufthansa has the option to sell them before completion" of the transaction, Walsh noted. The deal is subject to regulatory review. The companies aim to close the transaction during the first quarter of 2012, at which time BMI no longer would participate in the Star Alliance. IAG's carriers are key members of the Oneworld alliance.