Spain Clears Turkish Airlines to Buy Minority Stake in Air Europa

Turkish Airlines has received approval from Spain to buy a minority stake in Air Europa. The approval covers a planned €300 million ($345 million) investment, which is expected to give Turkish Airlines about 25–27 percent of the Spanish airline.

The final stake will be confirmed when the deal closes.

The transaction is not complete yet. Spanish approval removes a major national hurdle, but the deal still needs the remaining procedures, including European-level review. Turkish Airlines now expects the investment to be finalized later in 2026.

Why Turkish Airlines wants Air Europa

The deal is mainly about network growth. Air Europa is based in Madrid and has strong routes to Latin America and the Caribbean. That makes it useful for Turkish Airlines, which wants to connect more travelers between Istanbul, Spain, and the Americas.

Air Europa gets capital after years of uncertainty

For Air Europa, the investment brings a stronger financial partner after years of ownership talks. IAG, the parent company of Iberia and British Airways, previously tried to buy Air Europa outright. That deal was abandoned in 2024 after the European Commission raised competition concerns.

Turkish Airlines’ plan is different because it is a minority investment, not a full takeover. Turkish Airlines does not plan to increase its stake beyond the minority position. This also matters because non-EU airlines face limits on controlling EU-based carriers.

The ownership structure will be unusual

If the deal closes, Air Europa will have several powerful airline investors. The Hidalgo family, through Globalia, is expected to remain the main shareholder. IAG already owns 20 percent of Air Europa. Turkish Airlines would become another major shareholder with roughly a quarter of the company.

This creates an unusual setup. Air Europa is a SkyTeam member, Turkish Airlines belongs to Star Alliance, and IAG’s main airlines are part of oneworld. The deal does not mean an immediate alliance change, but it could lead to new route cooperation, codeshares, and better transfer options.

This deal also comes as Turkish Airlines continues to strengthen how its flights are sold across global travel channels. Turkish Airlines returned to Sabre GDS in June 2025 with NDC support, giving travel agencies access to richer airline content and more flexible booking options.

Photo by Juan Pablo Mascanfroni on Unsplash