Air Europa Accepts Turkish Airlines’ $350M Offer

Air Europa, the Spanish carrier, has accepted Turkish Airlines’ binding offer to acquire a minority stake at €300 million (almost $350 million).

Turkish Airlines will buy 26–27 percent of Air Europa's equity, with the final percentage to be determined after further technical and financial adjustments. Pending regulatory approvals, the deal is expected to close within six to twelve months.

Air Europa provides strong connectivity in Latin America and the Iberian Peninsula, which Turkish Airlines has identified as key regions for its expansion strategy.

Air Europa, heavily indebted since the pandemic, including a €475 million (around $553 million) loan from the state-owned SEPI fund, will gain substantial financial relief from this recapitalization.

Turkish Airlines belongs to the Star Alliance, while Air Europa is a SkyTeam member, making this a rare cross-alliance equity partnership.

In previous years, major European groups, including IAG (parent of British Airways), Lufthansa, and Air France–KLM, had shown interest in Air Europa. However, regulatory obstacles forced IAG to drop its acquisition attempt, and others stepped back from talks altogether.

Earlier this summer, as part of its modernization initiative, Air Europa began deploying Retailaer’s Offer and Order Management System (OMS), focusing on its Spanish travel agency partners.

Photo by David Barajas on Unsplash