Turkish Airlines confirms its proposal to acquire stake in Air Europa has been accepted

Turkish Airlines has confirmed that its proposal to acquire a minority stake of around 26–27% in Air Europa has been accepted. The deal, valued at €300 million (US$ 350 million), will be structured as a convertible loan that will later be transformed into shares.

According to both companies, most of the funds will go toward a capital increase aimed at reducing the Spanish carrier’s debt burden accumulated during the pandemic.

The transaction is still subject to approval from the Spanish government and competition authorities in several countries. Turkish Airlines estimates that the process could take six to 12 months to complete.

The Turkish carrier said the operation is designed to strengthen its global strategic position, expand passenger and cargo connectivity between Spain and Turkey, and benefit from Air Europa’s strong network in Latin America as a complement to its own operations.

In recent weeks, groups such as Lufthansa and Air France-KLM had also expressed interest in investing in Air Europa, but eventually abandoned negotiations, opting instead to focus on consolidating their respective stakes in ITA Airways and SAS.

Globalia, Air Europa’s parent company, currently holds 80% of the airline’s capital, while International Airlines Group (IAG), owner of Iberia and British Airways, holds 20%. Turkish Airlines’ investment would make it the second-largest shareholder, ahead of IAG, unless the group decides to take part in the upcoming capital increase to preserve its influence.

Air Europa has been gradually recovering from the financial difficulties brought on by the COVID-19 crisis. In 2024, the carrier reported revenues of €2.93 billion and a pre-tax profit of €116 million, three times higher than in 2019. The airline continues to expand its long-haul fleet with new Boeing 787 Dreamliners and 737 MAX jets as part of its 2025–2027 strategic plan.

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