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It looks like the on-again, off-again deal for British Airways' parent IAG to acquire Aer Lingus is finally going to happen.

Ireland’s government has approved the sale of its 25 percent stake in Aer Lingus Group Plc to British Airways-parent IAG, paving the way for the 1.36 billion-euro takeover ($1.48 billion) of the Irish airline.

“The government has decided that it will support IAG’s proposal,” Irish Transport Minister Paschal Donohoe said in an e-mailed statement after a cabinet meeting in Dublin on Tuesday.

IAG said in a separate release that it has reached an agreement with the independent directors of Aer Lingus on the terms of the offer, which consists of 2.50 euros in cash for each Aer Lingus share, and 5 cents as a cash dividend for each stock.

To contact the reporter on this story: Joe Brennan in Dublin at [email protected] To contact the editors responsible for this story: Benedikt Kammel at [email protected]

This article was written by Joe Brennan from Bloomberg and was legally licensed through the NewsCred publisher network.

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Tags: aer lingus, british airways, iag

Photo credit: IAG finally convinced the Irish government that acquiring Aer Lingus would be in the Irish carrier's best interest. Aer Lingus

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