MADRID (AP) — Spain's bailed-out Bankia says it has raised 675 million euros ($878 million) from the sale of its 12.09 percent stake in International Airlines Group, which owns British Airways and Iberia.
The bank said in a statement Thursday the deal gave it a net gain of 167 million euros on the investment. It did not provide information on who bought the shares, which it said were transacted Wednesday.
The sale was part of Bankia's divestment of non-strategic assets, which include industrial holdings. Spain's partners in the group of 17 European Union countries using the euro granted Bankia an 18 billion euros bailout last year to help keep it afloat following the 2008 collapse of the country's once-booming real estate sector.