Turkish Airlines has finally closed the deal to acquire a minority stake in Spanish airline Air Europa, a key move in its strategy to expand its international presence and strengthen its position in Latin America.
As reported by Turkish media in the last few hours, in a statement to the Istanbul Stock Exchange through KAP – Turkey’s Public Information Platform – Turkish Airlines (THY) said the documentary procedures have been completed and both the partnership agreement and the contracts linked to the operation have been signed. The Turkish state airline said that the process will be completed in an estimated six to twelve months, once it has obtained the approval of the Spanish and EU regulatory authorities: a procedure that is, however, a mere legal formality and is not expected to bring any surprises.
“As previously announced, the operation envisages an investment of 300 million euros, mostly through a capital increase. Depending on the technical and financial adjustments to be made in the closing phase, the minority stake to be acquired is expected to be between 25% and 27% (of Air Europa‘s shares ),” the Turkish airline said in a statement.
On the other hand, and after the Turkish airline confirmed on 26 September a major deal with Boeing involving the purchase of 75 B787-9 and B787-10 aircraft – 50 firm orders and 25 optionals – Turkish Airlines announced yesterday that it has concluded negotiations following the tender for the purchase of wing-mounted engines, spare parts and maintenance services for this new fleet, reaching an agreement with the US company GE Aerospace.
Turkish Airlines was left alone in the bid to become a shareholder in Air Europa after Lufthansa pulled out of the deal in early August and Air France announced a few days earlier that it was also abandoning negotiations with the Spanish airline controlled by the Hidalgo family, which is seeking with this move to clean up its accounts and repay the aid received during the pandemic.
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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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