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EU unconditionally approves Ryanair purchase of LaudaMotion

Reuters  |  BRUSSELS 

(Reuters) - The said on Thursday that it had approved Ryanair's planned acquisition of without conditions.

"The Commission concluded that the transaction would raise no competition concerns in the European Economic Area," it said in a statement.

is the company through which former motor racing champion Niki Lauda re-acquired in January 2018 the assets of NIKI, the he founded in 2003 and which was later integrated into

agreed in March to buy a majority stake in the new Austrian in a major push on the German and Austrian markets dominated by .

The Irish airline, Europe's largest low-cost carrier, had agreed to buy an initial 24.9 percent stake in Vienna-based That would rise to 75 percent "as soon as possible", subject to EU regulatory approval, the airlines said.

(Reporting by Alastair Macdonald, Philip Blenkinsop, editing by Alexandra Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 06:32 IST