British Airways’ parent company IAG looks to be closing in on purchasing Air Berlin’s Austrian subsidiary Niki.

Reports in Germany suggest that IAG is now the only remaining bidder for Niki, which suspended flights on December 14. The price is expected to be around €40 million.

This news came after Niki’s founder, former Formula One racing champion Niki Lauda, dropped out of the race to buy the airline from Air Berlin’s administrators.

Tour operators Thomas Cook and Tui are also believed to have withdrawn from the race to buy Niki.

Niki filed for insolvency earlier this month after Lufthansa dropped its plan to buy the brand due to competition concerns from the EU.

Lufthansa has already purchased other assets from Air Berlin, which filed for administration in August and then stopped flying in October.

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