ISTANBUL- Turkish Airlines (TK) is reportedly evaluating a bid for a minority stake in Air Europa (UX), as the deadline for binding offers approaches. The potential investment underscores Turkish Airlines’ strategic intent to strengthen its European footprint through Madrid’s Adolfo Suárez Madrid–Barajas Airport (MAD).
With binding offers expected in early July, the Spanish carrier Air Europa has attracted attention from several key players, including Air France-KLM (AF/KL) and Lufthansa (LH). According to Daily Sabah, Turkish Airlines’ interest marks a rare move for a non-European airline into a European carrier.
Photo: Aero Icarus | FlickrTurkish Airlines Air Europa Stake
Turkish Airlines’ (TK) interest in Air Europa (UX) comes amid broader efforts by global carriers to expand strategically in Southern Europe, where traffic recovery and tourism growth are particularly strong.
Air Europa derives over 25% of its revenue from European routes and already maintains a codeshare agreement with Turkish Airlines.
A minority stake, potentially around 20%, could serve as a strategic gateway for Turkish Airlines to deepen its European presence without full acquisition risks.
Reports from El Espanol and Reuters confirm that Turkish Airlines is one of several airlines working with financial advisors to structure offers that could eventually lead to full control.
While no official statement has been made by Turkish Airlines or its shareholder, the Türkiye Wealth Fund (TWF), the airline’s consideration signals a long-term play in European market dynamics.
Photo: By Anna Zvereva – https://www.flickr.com/photos/130961247@N06/52564317593/, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=150074595Sensitive Sale Process
The bidding deadline set for early July marks the next phase of Air Europa’s multi-year effort to secure funds. The carrier, owned by the Hidalgo family’s Globalia group, is under pressure to repay a state-backed loan it received during the pandemic.
An earlier plan to conclude binding offers in May was delayed due to internal disagreements and investor concerns over the deal structure.
Despite this, interested parties, including Lufthansa and Air France-KLM, are pressing forward, viewing a minority position as a foothold for future consolidation. A representative from Globalia declined to comment, citing confidentiality.
Similarly, Lufthansa and Turkish Airlines refrained from public statements, while an Air France-KLM spokesperson reaffirmed their desire to strengthen ties with Air Europa.
Photo- IberiaRegulatory Challenges
Air Europa operates key domestic and international routes, especially between Madrid and major European and Latin American cities.
The Spanish airline previously attempted a full sale to IAG, owner of Iberia, British Airways, Vueling, and Aer Lingus. That deal collapsed after EU regulators flagged competition concerns.
The airline industry is seeing increased pressure to consolidate, particularly in Europe, where fragmentation limits carriers’ ability to compete against larger US and Middle Eastern rivals.
Any new stake in Air Europa, especially by a non-EU airline, could face close scrutiny from regulators, making strategic minority investments a more viable pathway.
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