British Airways and Iberia signed a preliminary merger agreement in November 2009.[9][10][11] In April 2010, British Airways and Iberia signed a full merger agreement, with an intended completion date of late 2010, subject to securing the necessary regulatory approvals.[12][13] The merger between British Airways and Iberia was completed on 21 January 2011, and shares in the new holding company IAG began trading in London and Madrid on 24 January.[14][15][16]