The deal, funded by external debt, and was expected to be completed in the second half of 2020, subject to regulatory approval.[41] On 20 January 2021, IAG announced that it had renegotiated its deal to acquire Air Europa (via Iberia) for €500 million as a result of the COVID-19 pandemic. It also negotiated to delay payment to Globalia for 6 years. Completion of the deal is expected to take place in the second half of 2021 and the acquisition is subject to approval by the European Commission.[42][43]