Turkish Airline's acquisition of a share in Air Europa gets the green light

In a significant move, Turkish Airlines (THY) has announced the acceptance of its binding offer for Spanish air carrier, Air Europa, worth 300 million euros ($349 million). The announcement was made in a statement posted on Türkiye's Public Disclosure Platform (KAP).

The acquisition of Air Europa is part of Turkish Airlines' strategic efforts to expand its global presence and strengthen its position in the aviation sector. This move is expected to open new tourism markets, particularly in the Latin American region.

The regulatory authority that must approve Turkish Airlines' acquisition of minority shares in Air Europa is the European Commission. This body oversees competition and merger controls within the EU aviation sector. The completion of the process is subject to obtaining necessary permits and approvals from regulatory authorities.

The transaction is subject to the completion of official procedures and the signing of relevant documents. The majority of the 300 million euro investment in Air Europa will be in the form of a capital increase. However, the precise percentage of the minority holding to be purchased will be decided at the closing stage through technical and financial adjustments.

Turkish Airlines hopes to increase the number of tourists visiting Turkey and its economic contribution by developing the passenger and cargo flight network between Spain and Turkey. The acquisition of Air Europa is also seen as a means to boost the airline's strategic position in the global aviation sector.

The acquisition process of Air Europa by Turkish Airlines is expected to take approximately six to 12 months. The offer includes the acquisition of minority shares in Air Europa, and the acceptance of the offer moves the process to the preparation of transaction documentation and the commencement of official procedures related to closing.

Air Europa, a Spanish air carrier, will play a crucial role in Turkish Airlines' global expansion plans. The acquisition is a significant step towards enhancing the airline's reach and service offerings, and it is expected to bring about positive changes in the aviation industry.

As the process unfolds, more details about the acquisition will be made available. The acquisition of Air Europa is a testament to Turkish Airlines' commitment to growth and its ambition to be a leading player in the global aviation sector.