Air TransportTurkish Airlines enters the race for Air Europa - report
The leisure airline Air Europa has gained another interested party, Turkish Airlines, according to Reuters.
According to the report, the carrier may make an offer for a minority stake in the Spanish airline, controlled by the Globalia Group.
The Spanish press reports that Globalia has set a deadline for receiving proposals for 20% of Air Europa at the beginning of July.
Air France-KLM and Lufthansa have already started talks for the company. The dominance of these groups may have led Turkish to seek to establish territory and expand its presence in Europe, which only accounts for a quarter of its revenue.
Although it has a relatively small flight network and a fleet of 54 planes, Air Europa is considered strategic for large European groups due to its presence in Latin America.
The IAG Group tried to acquire control of the company, but abandoned the plans after resistance from European antitrust agencies. The owner of British Airways and Iberia still has a 20% stake in Air Europa.
Globalia is seeking to raise funds to repay a Spanish government loan taken out during the pandemic.
According to Reuters, the sale process has been dragging on due to disagreements between members of the Hidalgo family, which owns Globalia, as well as concerns from potential suitors about the structure of the proposed deal.
It is understood that acquiring a minority stake in Air Europa could position the new partners in a better position to take over the company in the future.
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