Air Europa has accepted Turkish Airlines’ binding offer worth €300 million, with a financing package that will convert a €275 million loan into shares and inject €25 million in cash to enter the airline’s capital. The deal would give Turkish Airlines a stake of about 26% to 27% in Air Europa, the Hidalgo family-controlled Globalia group’s airline.
As a result of the transaction, Globalia’s stake is expected to fall from roughly 80% to around 56%–57%, while IAG would retain a 20% stake. Turkish Airlines said it expects to close the deal within six to twelve months after the binding offer is accepted.
The investment will likely require regulatory clearances from antitrust authorities, and authorities in Europe will examine the implications for competition across Europe and Latin America, where Air Europa has a growing network.
From a strategic standpoint, the deal could strengthen Turkish Airlines’ global network by linking its passenger and cargo services with Air Europa’s European and Latin American routes. For Air Europa and the Hidalgo family’s Globalia, the capital infusions may support fleet renewal and expansion plans as part of a broader growth strategy, subject to regulatory approvals and integration decisions.
In short, the agreement marks a significant shift in ownership dynamics for Air Europa and could reshape its strategic alliances and network reach in the coming years, pending regulatory approval and successful closing.
Summary of key facts:
– Turkish Airlines to invest €300 million in Air Europa
– €275 million loan to be converted into equity, plus €25 million cash
– Turkish Airlines to hold about 26–27% of Air Europa
– Globalia’s stake to drop to about 56–57%; IAG to keep 20%
– Closing targeted in 6–12 months after binding offer, subject to approvals
Positive note: If approvals proceed smoothly, the deal could catalyze broader network synergies and growth opportunities for Air Europa and its partners.