Turkish Airlines moves to acquire minority stake in Air Europa after rivals drop out
In a statement to the Istanbul Stock Exchange regulator (KAP), the Turkish flag carrier said 'the binding offer submitted has been accepted by Air Europa' and procedures to close the deal had started.
'The transaction involves an investment of 300 million euros, the majority of which is in the form of a capital increase' which would then be converted into a stake whose share would be finalised in the coming months.
'The minority shareholding ratio to be acquired will be finalised following technical and financial adjustments to be made at the closing,' it said.
Media reports in Spain and Turkey gave a figure of some 26 percent.
Turkish Airlines said the process was due to be completed within six to 12 months, subject to approval by the relevant regulatory authorities, including the Spanish government.
The airline submitted its binding offer on Tuesday to Globalia, the Spanish tourism group which holds an 80-percent stake in Air Europa.
The other 20 percent is held by British Airways owner IAG.
The move comes two weeks after rival bidders Lufthansa and Air France-KLM dropped out of talks to take a stake in the Spanish airline.
Turkish Airlines had on August 7 informed KAP it had decided to submit a binding offer to acquire a minority stake in Air Europa.
It said the complementary nature of its own global passenger and cargo network and Air Europa's strong position in the Iberian Peninsula and Latin America would 'contribute to achieving scaled and rapid growth in the Latin American market' and create new revenue channels.
Last year, IAG dropped a bid for a full takeover of the Spanish carrier owing to regulatory constraints. — AFP
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