International Airlines Group (IAG), the parent company of Aer Lingus, British Airways, Iberia and low-cost carriers like LEVEL and Vueling, has announced that the group is set to acquire Air Europa, a Madrid-Barajas International Airport (MAD) based airline, for $1.1 billion (€1 billion). The move, pending approval by regulatory authorities, would help IAG to create a mega-hub in Madrid to compete with other major hubs in Europe.