Turkish Airlines Offers $320M for 27% of Air Europa

Turkish Airlines has submitted a binding EUR275 million (USD320 million) offer to acquire a minority stake of between 26% and 27% in Spanish carrier Air Europa, according to reports in Spain. The airline confirmed in a statement to Türkiye’s public disclosure platform (KAP) that the move aligns with its 2033 growth strategy, adding that the investment would strengthen its position in Latin America and diversify revenue streams.

Air Europa President Juan José Hidalgo welcomed the deal, noting that the funds would secure the airline’s operations and enable repayment of a EUR475 million (USD551 million) state-backed loan provided by Spain’s sovereign wealth fund SEPI during the pandemic. Hidalgo also emphasized that Air Europa’s parent company, Globalia, would not seek new investors, as the airline now counts on two powerful partners: IAG, which owns 20%, and Turkish Airlines.

Air France-KLM and Lufthansa had previously expressed interest in Air Europa but later withdrew, focusing instead on opportunities with TAP Air Portugal, which is undergoing partial privatization.

Air Europa currently operates a fleet of Boeing 737-800s, 737-8s, 787-8s, and 787-9s, with additional aircraft on order. Its subsidiary Aeronova also runs a fleet of Boeing 737-800s. Globalia has long sought to sell the airline, but a 2024 attempt by IAG to purchase the remaining 80% collapsed after EU regulators raised competition concerns due to IAG’s ownership of Iberia.

Meanwhile, Spain’s high court has upheld confidentiality rules protecting bailout-related documents tied to Air Europa’s 2020 state aid.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com