Turkish Airlines’ bid for minority stake in Air Europa accepted

Turkish Airlines announced that Spanish carrier Air Europa has accepted its offer to acquire a minority stake. The Turkish flag carrier had revealed in June that it was in non-binding talks regarding the investment and confirmed earlier this month that it was preparing a binding proposal. In a filing to the Public Disclosure Platform, Turkish Airlines said the deal has now advanced to the stage of preparing transaction documents and initiating official closing procedures.

The investment is valued at €300 million ($349 million), with the majority to be provided through a capital increase. The exact size of the minority stake will be determined after technical and financial adjustments are completed at closing.