The International Airlines Group (IAG) has announced that Ryanair (FR, Dublin International) has accepted its offer for the LCC's 29.8% shareholding in Aer Lingus (EI, Dublin International) thus paving the way for the group's take over of the airline.

“We’d like to welcome Aer Lingus into IAG. It will remain an iconic Irish brand with its base and management team in Ireland but will now grow as part of a strong, profitable airline group," IAG chief executive Willie Walsh said. "This means new routes and more jobs benefitting customers, employees and the Irish economy and tourism."

The IAG's EUR1.4billion bid for Aer Lingus was conditioned on Ryanair accepting its offer given that under Irish law, the IAG needs to control at least 90% of Aer Lingus stock to compulsorily acquire all outstanding stock.

As it now stands, the IAG says it will apply to have Aer Lingus shares delisted from both the Irish Stock Exchange and London Stock Exchange as of September 17.

Once complete, Aer Lingus will join the IAG's stable of carriers which includes British Airways (BA, London Heathrow), Iberia (IB, Madrid Barajas), and Vueling Airlines (VY, Barcelona El Prat).