International Airlines Group -- parent of British Airways, Iberia, Aer Lingus, Vueling and Level -- will purchase the assets of shuttered Austrian leisure carrier Niki for 20 million euros ($24 million).

IAG is making the transaction through a newly formed subsidiary of Vueling. The new airline will be incorporated in Austria and will be run, at least initially, as a separate operation from other IAG carriers.

"More details about the new subsidiary's branding and route network will be provided in due course, when appropriate," IAG said.

IAG will infuse its new holding with up to 16.5 million euros ($19.9 million).

"The deal will enable Vueling to increase its presence in Austria, Germany and Switzerland and provide the region's consumers with more choice of low-cost air travel," IAG CEO Willie Walsh said in a prepared statement.

Niki, a former subsidiary of defunct German carrier Air Berlin, filed for bankruptcy protection on Dec. 13 after the Lufthansa Group abandoned its attempt to take over the airline due to concerns about competition from the EU Commission.

IAG said it would acquire as many as 15 Airbus A320-family aircraft from Niki as well as "attractive" landing slots in Vienna, Dusseldorf, Munich, Palma de Mallorca and Zurich.

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