Tourexpi
Fitch: Turkish Airlines’ stake in Air Europa strengthens access to Latin America
The
stake purchase is expected to enhance passenger and cargo connections between
Spain and Turkey while opening new opportunities on the fast-growing routes
between Latin America and Europe.
Advantages
through Madrid hub
“Although
Air Europa is significantly smaller than Turkish Airlines, it holds a strong
position on South American routes and benefits from being the second-largest
carrier at Madrid-Barajas Airport,” Fitch noted in its statement.
Details
of the transaction
Turkish
Airlines will acquire a minority stake in Air Europa for €300 million. Subject
to regulatory approval, the transaction is expected to close within six to
twelve months.
Consolidation
trend in Europe
Fitch
also pointed out that major European carriers such as Air France-KLM and
Lufthansa are pursuing minority stakes and complementary acquisitions. In this
context, TAP Air Portugal could become the next candidate for consolidation
among European, Middle Eastern, and African airlines.
On
19 August, Turkish Airlines had already announced that Air Europa accepted its
binding offer to acquire the minority shares.
Image
Credit: © AA
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