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Texas Pacific Group, the US private equity firm, will start due diligence on Iberia on Monday, it is understood.
The board of the listed Spanish airline Iberia has allowed the bidding consortium [TPG and British Airways] to start due diligence after reaching an agreement on confidentiality terms. Six weeks should be the maximum time it will take to complete due diligence, so presenting a deal by September is reasonable, a person close to the situation said.
TPG has made an EUR 3.6 per share indicative offer with consortium partners Quercus, Vista Capital and Ibersuizas.
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