Turkish Airlines makes play for SkyTeam regional operator, Air Europa.
Turkish Bid Accepted
Turkish Airlines said its €300 million ($350 million) bid for Air Europa has been accepted and the process should be completed within six to 12 months, subject to obtaining the necessary permits and regulatory approvals.
Turkish said the majority of the transaction will come in the form of a capital increase, with the exact size of the minority stake it will end up with in the Spanish leisure carrier—which is owned by Globalia—to be determined following technical and financial adjustments at the closing stage.
In an Aug. 19 statement, Turkish pointed to its Aug. 7 announcement in which it said, “Our board of directors had resolved to submit a binding offer for the acquisition of a minority stake in Air Europa with the objectives of strengthening our strategic position in the global aviation industry and increasing the number of tourists visiting Turkey along with the related economic contribution by opening new tourism markets in Latin America and expanding passenger and cargo flight network between Spain and Turkey.”
Turkish added, “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.”
Further Consolidation
The deal is the latest move toward consolidation and highlights intense interest among airlines in the Europe–Latin America market. Increasing presence on routes between Latin America and Europe has been a key focus in recent discussions over consolidation in the European airline industry, with European legacy carriers all at one point having expressed potential interest in Air Europa, as well as in TAP Air Portugal.
The Portuguese government recently formally launched the privatization process for TAP, which accounts for 25.2% of Europe–Brazil capacity, according to OAG Schedules Analyser data.
Air Europa accounts for 8.1% of Europe–Latin America capacity, in third place behind Iberia and Air France, according to the OAG data, which shows European airlines collectively operating around 75% of total capacity within the Europe–Latin America corridor.
Air Europa is part of Spanish company Globalia, and International Airlines Group (IAG) also holds a 20% stake, having itself attempted to take over Air Europa before abandoning the transaction in 2024 because of difficulties involved in winning approval from European competition authorities.
Globalia told Aviation Week it would not be issuing any comment, instead pointing to Turkish Airlines’ Aug. 19 statement.
Air Europa operates a fleet of 57 Boeing aircraft, including 737NGs, 737 MAXs and 787s as of August 2025. It also has a further 18 737 MAXs on order.
Edging Out IAG
An IAG spokesperson said Aug. 20: “IAG has the right to participate in a capital increase to maintain its 20% stake in Air Europa. It also has a tag-along right (but without an obligation) in any sale of shares made by Globalia.
“No decision has been made at this time. In any case, IAG’s stake in Air Europa is purely financial, so any decision on what to do with its 20% stake will also be a purely financial decision.”
In an investor presentation posted on its website, Turkish said the “envisaged partnership aims to increase the number of tourists visiting Turkey along with the related economic contribution through enhanced connectivity across Latin America with a network complementary to Turkish Airlines.”
Turkish has been expanding its own fleet and network rapidly in recent years, most recently placing a huge order for 220 Airbus aircraft in 2023. It also has plans, repeatedly delayed, to place a large order with Boeing. In June at the Paris Air Show, Turkish Chairman Ahmet Bolat said the airline was “closing the final gap” with Boeing on the potential large order, but the June 12 Air India crash had put off final discussions it had hoped to hold at the show.
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