Photo: Shutterstock Turkish Airlines makes strategic move. A notable investment in the Spanish airline Air Europa. Turkish aviation giant, Turkish Airlines, announced yesterday (20.8) that its €300 million investment proposal in the Spanish company has been accepted.
As remembered, the European Commission opposed the bid by IAG (which includes Spanish Iberia) for purchase, fearing a significant reduction in competition, despite IAG already holding 20% of Air Europa shares. Both Air France-KLM and Lufthansa withdrew their offers to acquire Air Europa.
Photo: ShutterstockTurkish Airlines has conducted assessments on Air Europa over a period, expressing interest in the company as early as June, in an investment estimated at a quarter of its shares. According to some reports, Turkish Airlines' final share will amount to 26% of Air Europa's value.
The Turkish airline stated that "the process has now moved to preparing transaction documents and initiating formal procedures related to closure."
They further mentioned that the move aims to "strengthen its strategic position in the global aviation sector, open new tourism markets in Latin America, and increase the number of tourists visiting Turkey, thereby boosting the company's economic contribution by developing the passenger and cargo flight network between Spain and Turkey."
According to the airline, "the process will take between 6 to 12 months, subject to obtaining the necessary permits and approvals from relevant regulatory authorities."
Photo: Air Europa