Vueling Airlines (VY, Barcelona El Prat) is to be taken over by the International Airlines Group (IAG) after shareholders in the Spanish low-cost carrier overwhelmingly voted in favour of selling their shares to the group in a deal worth EUR 123.5million. Following the Vueling board's recommendation to back IAG’s bid, 82.48% of shareholders have now accepted the deal, giving the group 90.15% control of Vueling. IAG already owned 45.85% of the airline through its subsidiary Iberia (IB, Madrid Barajas). Under the deal, Vueling will operate as a standalone company within IAG, maintaining its current structure with its chief executive Alex Cruz reporting to IAG chief executive Willie Walsh. The completion of the acquisition is due on April 26, 2013.