Turkish Airlines confirmed in the last few hours the news that the Spanish airline Air Europa has accepted its offer of 300 million euros to become a shareholder of the company, owned by the Spanish group Globalia, which seeks to reduce its debt with the entry as a minority partner of Turkey’s flagship airline.
In a statement released to the regulatory authority of the Istanbul Stock Exchange (KAP) which has been echoed by several Turkish media, Turkish Airlines said that “the binding offer submitted has been accepted by Air Europa” and that the procedures have therefore been initiated to close the deal.
The operation involves an investment of 300 million euros – about 350 million dollars– for the Turkish airline, most of which will be carried out through a capital increase. Sources in Spain and Turkey estimate that the percentage of participation that Turkish Airlines will finally have in the shareholding of Air Europa will be around 26%.
The offer to Globalia must be approved by the Spanish government
The Turkish airline said in the statement that it expects the whole process – which must be submitted for review and approval by the competent authorities, including the Spanish government – to be completed within six to 12 months. The offer was presented yesterday (Tuesday) by Turkish Airlines to Globalia, the Spanish business group that currently owns 80% of Air Europa’s shares .
The remaining 20% is owned by IAG (International Airlines Group), the business group which owns British Airways and Iberia, and which last year had to abandon a bid for full control of Air Europa after strong resistance from EU competition authorities.
Turkish Airlines’ entry into Air Europa has been made possible after just a few weeks ago the other two major airlines vying for a stake in the Spanish carrier, Air France and Lufthansa, pulled out of the operation because they could not compete with the Turkish offer, leaving Turkish Airlines alone in the bidding.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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