Turkish Airlines Nears Deal for Air Europa Stake

Turkish Airlines is finalizing a binding offer to acquire a minority stake in Spanish carrier Air Europa, aiming to expand its network into Latin America and the Iberian Peninsula. The development comes after Lufthansa, IAG, and Air France-KLM withdrew from bidding due to complex negotiations and internal disagreements at Air Europa's parent company, Globalia. Air Europa is valued at approximately $1.1 billion and is seeking new investment to repay significant loans received during the COVID-19 pandemic. Turkish Airlines believes the acquisition would complement its global operations and leverage Air Europa's strong regional presence. If successful, Turkish Airlines would become one of the few non-European entities to own a stake in a European airline. The official offer is expected soon, pending board approval.