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Turkish Airlines announced Tuesday that Air Europa accepted its €300 million ($350 million) offer to acquire a minority stake in the debt-laden Spanish carrier.
In a statement to the Istanbul Stock Exchange regulator (KAP), the Turkish flag carrier said “the binding offer submitted has been accepted by Air Europa” and procedures to close the deal had started.
“The transaction involves an investment of 300 million euros, the majority of which is in the form of a capital increase” which would then be converted into a stake whose share would be finalised in the coming months.
“The minority shareholding ratio to be acquired will be finalised following technical and financial adjustments to be made at the closing,” it said.
Media reports in Spain and Türkiye gave a figure of some 26%.
Turkish Airlines said the process was due to be completed within six to 12 months, subject to approval by the relevant regulatory authorities, including the Spanish government.
The airline submitted its binding offer on Tuesday to Globalia, the Spanish tourism group which holds an 80%-stake in Air Europa.
The other 20% is held by British Airways owner IAG.
Turkish Airlines had on Aug. 7 informed KAP it had decided to submit a binding offer to acquire a minority stake in Air Europa.
It said the complementary nature of its own global passenger and cargo network and Air Europa’s strong position in the Iberian Peninsula and Latin America would “contribute to achieving scaled and rapid growth in the Latin American market” and create new revenue channels.
Last year, IAG dropped a bid for a full takeover of the Spanish carrier owing to regulatory constraints.
