Turkish Airlines’ €300 million bid for a minority stake in Air Europa has gained approval by the Spanish government.
The company, which made a binding offer for the Spanish carrier last summer, said it expects its minority stake – previously undisclosed – to be between 25 per cent and 27 per cent.
According to a statement issued by Turkish Airlines, the parties have signed the investment agreement, and the process to obtain necessary permits from regulatory authorities has begun. The transaction is expected to close before the end of the year.
Upon completion, Turkish Airlines will become the second-largest shareholder in Air Europa, following Spanish tourism group Globalia.
This development comes after European aviation giants Lufthansa and Air France-KLM both abandoned plans to acquire a stake in the Spanish carrier in 2025. British Airways parent IAG, which has an existing 20 per cent stake in Air Europa, also backed out of plans to take a majority share in 2024 after multiple failed attempts.
Turkish Airlines has previously highlighted Air Europa's strong presence in the Iberian Peninsula and Latin American markets as opportunities for growth, as well as the potential to create leverage through subsidiaries and joint ventures.