Turkish Airlines Acquires Stake in Air Europa
Turkish Airlines has secured a deal to purchase approximately 25-27% of Spanish airline Air Europa through a €300 million ($355 million) investment in convertible debt. This agreement was finalized in August and positions Turkish Airlines alongside Spain's Hidalgo family, the airline's majority shareholder via Globalia.
Ownership and Market Impact
- The Hidalgo family, through Globalia, will maintain majority control of Air Europa.
- British Airways owner IAG will keep its 20% stake by buying shares from Globalia.
- Turkish Airlines outperformed European competitors Lufthansa and Air France-KLM to gain this partnership share.
- The airline does not intend to increase its stake beyond the current agreement.
Financial and Regulatory Details
The transaction, expected to close within 6 to 12 months after meeting regulatory requirements, values Air Europa at about €1.2 billion ($1.4 billion). This move aligns with a broader trend of airlines consolidating the fragmented European market by acquiring smaller, financially troubled carriers.
Air Europa announced it had repaid a loan of nearly €500 million (~$575 million) to Spain's state-owned industrial holding company SEPI one year ahead of schedule.
Author's Summary
This strategic investment reflects Turkish Airlines' commitment to expanding its footprint in Europe while aiding Air Europa's financial recovery and market stability.
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