ISTANBUL: Turkish Airlines announced on Tuesday that Air Europa has accepted its binding 300 million euro offer to acquire a minority stake in the Spanish carrier.
The Istanbul Stock Exchange regulator confirmed the acceptance through an official company statement. The transaction primarily involves a capital increase that will convert into a specific ownership percentage.
Final stake determination will occur after technical and financial adjustments during the closing process. Media outlets in both countries report the potential stake could reach approximately 26 percent.
Completion of the deal requires approval from Spanish regulatory authorities and is expected within six to twelve months. Turkish Airlines submitted the formal offer to Globalia, which controls 80 percent of Air Europa.
International Airlines Group holds the remaining 20 percent stake in the Spanish airline. This development follows the withdrawal of competing bids from Lufthansa and Air France-KLM just two weeks earlier.
Turkish Airlines had initially declared its intention to make this offer on August 7th.
The strategic partnership leverages Turkish Airlines’ global network with Air Europa’s strong presence in Iberian and Latin American markets.
Company officials believe this synergy will accelerate growth in Latin American routes and create new revenue opportunities.
This partial acquisition comes one year after IAG abandoned its full takeover attempt due to regulatory challenges.
The investment represents Turkish Airlines’ continued expansion strategy in key international markets. – AFP