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British Airways (BA) CEO Sean Doyle.
FARNBOROUGH—British Airways (BA) CEO Sean Doyle says financial pressure on weaker airlines could drive further consolidation within Europe.
Speaking at the airshow this week, he said a widening financial divide between stronger and more vulnerable airlines could create the conditions for further M&A.
“I think what you’re beginning to see in the industry is a bit of a separation between airlines who are performing very well and have robust balance sheets ... and those who are a bit more vulnerable,” Doyle said. “Geopolitics and a high fuel price might accelerate distress, and that in turn would normally accelerate consolidation.”
Although Doyle was not commenting directly on easyJet, his remarks come as Apollo Global Management and Castlelake compete to acquire the UK LCC. Apollo’s £5.7 billion ($7.7 billion) proposal tops Castlelake’s £5.5 billion offer and has secured the provisional support of easyJet’s board.
Additionally, Air France-KLM and Lufthansa are bidding for 44.9% of TAP Air Portugal, while Turkish Airlines plans to invest €300 million for a stake in Air Europa. International Airlines Group (IAG) already owns 20% of Spanish carrier Air Europa.
Doyle said IAG’s immediate priority was its portfolio of BA, Iberia, Aer Lingus, Vueling and LEVEL—although the company remains open to strategically aligned acquisitions.
“We don’t exist for consolidation. It’s got to work for our strategy,” Doyle said. “But history tells us that when we come out the other end of it, things are never the same, and where we can, I think the industry seizes the opportunity to consolidate.”
He also rejected the suggestion that European regulators have prevented airline mergers outright. Doyle pointed to Air France-KLM’s proposed acquisition of a controlling stake in SAS Scandinavian Airlines; Lufthansa Group’s investment in ITA Airways and the privatization process underway for TAP Air Portugal.
“I think it’s probably unfair to say that regulation is blocking M&A,” Doyle said. “I think you could debate the scale of it and the restrictions it’s imposing, but deals have happened, and I think they’ll happen again.”
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