Turkish Airlines is not seeking to take control of Air Europa. This was confirmed by its Chairman, Ahmet Bolat, who emphasized that the company is only interested in consolidating a strategic partnership with the Spanish airline, without increasing its shareholding beyond what has been agreed.
“We are not interested in owning Air Europa; we are interested in working with Air Europa,” stated Bolat during a meeting with journalists in Seville.
A €300 Million Investment in Convertible Debt
The Turkish airline will invest €300 million (USD 355 million) in convertible debt, which represents an equity stake of between 25% and 27% in Air Europa.
The agreement was endorsed by International Airlines Group (IAG), the parent company of British Airways and Iberia, which owns 20% of Air Europa.
European Union Regulatory Restrictions
Bolat noted that EU regulations prohibit a non-European Union airline from owning 50% or more of a company based within the bloc. This regulation makes it impossible for Turkish Airlines to pursue a majority control of Air Europa, even if it desired to.
→ Air Europa Announces New Route Between Madrid and Geneva Starting June 2026
Strategic Interest in Latin America
Beyond the financial aspect, Turkish Airlines is focusing on Air Europa’s reach in Latin America, a key market for the Turkish airline’s expansion. According to Bolat, this regional footprint is one of the main attractions of the alliance.
Why Other Bidders Were Left Out
The Chairman of Turkish Airlines explained that the other candidates negotiating with the Hidalgo family—the owners of Air Europa—failed to convince, not because of the price offered, which was similar to that of the Turkish airline, but because of the business model they proposed.
Bolat did not reveal who these bidders were but insisted that the decisive factor was what each player brought to Air Europa’s growth strategy.
Finally, Bolat stated that the business plan designed by Turkish Airlines for this partnership was what tipped the scales in its favor. Although he avoided giving details due to the confidential nature of the information, he noted that both the Hidalgo family and IAG endorsed the proposal.
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