Turkish Airlines' binding offer for investment in Air Europa accepted

Türkiye's flag carrier, Turkish Airlines, announced Tuesday that its binding offer, which includes a €300 million ($349 million) investment, to the Spanish air carrier Air Europa was accepted by the firm.

"In this regard, we have been informed that the binding offer submitted by our company has been accepted by Air Europa, and the process has now moved to the preparation of transaction documentation and the commencement of official procedures related to closing," the flag carrier said in a statement posted on Türkiye’s Public Disclosure Platform (KAP).

Turkish Airlines said it submitted a binding offer for the acquisition of minority shares in Air Europa, with the aim of strengthening its strategic position in the global aviation sector, opening new tourism markets in the Latin American region, and increasing the number of tourists visiting Türkiye and its economic contribution by developing the passenger and cargo flight network between Spain and Türkiye.

The acquisition entails a €300 million investment, the vast majority of which will be in the form of a capital increase. At the closing stage, technical and financial adjustments will decide the precise percentage of the minority holding to be purchased.

"The process is expected to be completed within approximately six to 12 months, subject to obtaining the necessary permits and approvals from the relevant regulatory authorities," the statement said.