British Airways has joined US private equity firm Texas Pacific Group (TPG) in the transatlantic consortium bidding for the Spanish airline Iberia.
BA already owns a ten per cent stake in Iberia and has first refusal on an additional 26.5 per cent but has previously ruled out making its own bid for the Spanish carrier. Meanwhile the TPG consortium, which also includes the Spanish companies Vista Capital, Ibersuizas and Quercus, has already tabled a €3.4 billion (£2.3 billion) offer.
The move effectively closes the door on rival private equity firm Apax, which was also in talks with BA about a potential bid.