Mexico's Grupo IAMSA becomes sole owner of airline VivaAerobus

Mexico's Grupo IAMSA said on Thursday it has become the sole shareholder of Mexican low-cost airline VivaAerobus after it bought out Irelandia Aviation's stake for an undisclosed amount.

As part of the deal, Irelandia Aviation's Declan Ryan and two other executives will step down from VivaAerobus' board, IAMSA said in a statement.

IAMSA did not disclose the size of the stake it bought, nor how much it already owned.

IAMSA, a Mexican bus operator, founded VivaAerobus with Irelandia, the investment arm of the Ryan family behind Ryanair, in 2006. VivaAerobus runs 22 Airbus 320 planes and covers 63 routes in Mexico and three more in the United States.