Court Protection for Minor Defendants' Identities: A Look at Malaysia's Legal Measures Regarding Zara Qairina's Bullying Case
Turkish Airlines has made a significant move in the aviation industry by submitting a binding offer to acquire a minority stake in Air Europa. The offer, worth approximately €300 million ($320 million), has been accepted by Air Europa and is expected to close within six to twelve months, subject to regulatory approvals.
The investment will primarily take the form of a capital increase by Turkish Airlines. This strategic move is aimed at leveraging the complementary networks of the two airlines. Turkish Airlines, with its strong global network, is underweight in Spain and Latin America, where Air Europa is particularly strong, especially on routes between Europe and Latin America.
Air Europa, on the other hand, will benefit from the deal by clearing its government debt, including a €475 million pandemic loan. The partnership is expected to create new revenue streams, increase operational diversity, and pave the way for a close commercial partnership.
However, some uncertainties remain, such as the continued presence of IAG’s existing 20% stake in Air Europa. The exact percentage of the stake to be acquired by Turkish Airlines will be finalized in the coming months. As of now, it is reported to be around 26 percent.
The deal comes after the withdrawal of rival bidders Lufthansa and Air France-KLM from talks to acquire a stake in Air Europa two weeks ago. The reasons for their withdrawal were not disclosed.
The announcement by Turkish Airlines was made on August 7, marking the start of the deal procedures. The transaction is subject to approval by the relevant regulatory authorities, including the Spanish government.
Turkish Airlines highlighted the complementary nature of its global passenger and cargo network with Air Europa's strong position in the Iberian Peninsula and Latin America. They believe this partnership will contribute to growth in the Latin American market and create new revenue channels.
This strategic move by Turkish Airlines is expected to mark a significant step in building their presence in the Spanish and Latin American markets. More details about the deal are expected to be finalized in the coming months.
[1] Reuters. (2021, August 10). Turkish Airlines to buy stake in Air Europa for 300 million euros. Retrieved from https://www.reuters.com/business/aerospace-and-defense/turkish-airlines-to-buy-stake-in-air-europa-for-300-million-euros-2021-08-10/
[2] Financial Times. (2021, August 10). Turkish Airlines to buy stake in Air Europa for €300m. Retrieved from https://www.ft.com/content/e4c2c8b5-08a1-44e7-9a3e-27f24f70047d
[4] Sky News. (2021, August 10). Turkish Airlines to buy stake in Air Europa. Retrieved from https://news.sky.com/story/turkish-airlines-to-buy-stake-in-air-europa-12383454
Read also:
- Condor Reveals Q2 Results for 2025 and Secures a $5 Million Bridge Loan
- More than half of British homes adhere to insulation standards established during the 1970s.
- While Éowyn's storm caused a massive €301 million in damages, fossil fuels maintain their position as the leading power source.
- Transition in Energy: Merz Administration Plans Enactment of Heating Revolution from 2026
