Turkish Airlines said it has reached an agreement to acquire a minority stake in Spanish carrier Air Europa.
The Istanbul-based airline confirmed that its binding offer, submitted earlier this month, has been accepted by Air Europa. The transaction now advances to the documentation and regulatory phase, the company said in a stock exchange filing.
Turkish confirmed in June it was in non-binding discussions to acquire shares in the Spanish airline. It was reported in May that Air France-KLM and Lufthansa halted their negotiations with Air Europa owner, the Hidalgo family, on acquiring a 25% stake in the airline.
The deal, valued at €300 million ($349.4 million), will primarily take the form of a capital increase in Air Europa. The final size of the minority stake will be determined following technical and financial adjustments prior to closing. The transaction is expected to close within six to twelve months, pending regulatory approvals.
Turkish Airlines said the investment aligns with its long-term growth strategy, including the expansion of passenger and cargo capacity between Spain and Türkiye, as well as unlocking new tourism markets in Latin America to drive visitor numbers to Türkiye.
Further updates will be disclosed should any material developments arise, the company added.