Turkish Airlines has disclosed that its offer to acquire a minority stake in Spanish operator Air Europa has been accepted.
Turkish Airlines that the transaction is valued at around €300 million ($349 million), though the exact percentage of the minority stake has not been determined.
It will now prepare the documentation for the transaction, and expects to complete the stake acquisition within six to 12 months. Air Europa has not commented on the deal yet.
The announcement on 19 August comes just over a week after the Star Alliance carrier disclosed its intent to submit a binding offer to take a minority stake in Air Europa.
At the time it said the deal has the potential to “create a leverage effect” through new partnerships, revenue streams and operational diversity.
It added that the “complementary nature” of Turkish Airlines’ network and the “strong presence” of Air Europa would enable “scaled and accelerated growth” in the Latin American market.
While Turkish Airlines is a member of Star Alliance, Air Europa is part of the rival SkyTeam group.
Air Europa has previously attracted tie-up interest from Oneworld-linked IAG and, more recently, reportedly from Air France-KLM and Lufthansa.
Source link
Turkish Airlines has disclosed that its offer to acquire a minority stake in Spanish operator Air Europa has been accepted.
Turkish Airlines that the transaction is valued at around €300 million ($349 million), though the exact percentage of the minority stake has not been determined.
It will now prepare the documentation for the transaction, and expects to complete the stake acquisition within six to 12 months. Air Europa has not commented on the deal yet.
The announcement on 19 August comes just over a week after the Star Alliance carrier disclosed its intent to submit a binding offer to take a minority stake in Air Europa.
At the time it said the deal has the potential to “create a leverage effect” through new partnerships, revenue streams and operational diversity.
It added that the “complementary nature” of Turkish Airlines’ network and the “strong presence” of Air Europa would enable “scaled and accelerated growth” in the Latin American market.
While Turkish Airlines is a member of Star Alliance, Air Europa is part of the rival SkyTeam group.
Air Europa has previously attracted tie-up interest from Oneworld-linked IAG and, more recently, reportedly from Air France-KLM and Lufthansa.
Source link
Share This:
admin
Plan the perfect NYC Memorial Day weekend
Pack only what you need and avoid overpacking to streamline the check-in and security screening…
LA’s worst traffic areas and how to avoid them
Consider using alternative routes, such as Sepulveda Boulevard, which runs parallel to the 405 in…
Saab discussing extra production hub to support Ukrainian Gripen E purchase
Saab is already looking at ways of significantly increasing production of its Gripen E fighter…
Denmark, Germany and NATO among sales prospects for GlobalEye surveillance aircraft, Saab chief executive says
European interest in Saab’s GlobalEye surveillance aircraft is continuing to build, as the Swedish company…
Ukraine exploring purchase of Bell AH-1Z attack and UH-1Y utility helicopters
Ukraine has signed a letter of intent with rotorcraft manufacturer Bell exploring the purchase of…
Italy plans to restore lapsed maritime patrol capability with six-aircraft buy
Italy has outlined plans to acquire six new maritime patrol aircraft capable of performing anti-submarine…
Stockholm Arlanda takes advantage of ‘EoR’ concept to increase parallel approach efficiency
Stockholm Arlanda is claiming to be the first European airport to introduce a concept intended…
Norway presses ahead with defence helicopter acquisitions, as talks continue with UK on ASW assets
Norway continues to analyse the options for a future anti-submarine warfare (ASW) helicopter to equip…
Airbus Helicopters open to H225 Super Puma’s return for oil and gas operations
Airbus Helicopters is seeing renewed interest in its H225 Super Puma for offshore operations, almost…
Baykar’s Kizilelma UCAV soars through Aselsan AESA radar integration and weapons testing
Baykar Technologies’ Kizilelma unmanned combat air vehicle has been flown for the first time with…
First two Saab Gripen E fighters arrive for Swedish air force service at Satenas base
The Swedish air force has fielded its first Saab Gripen E fighters, with the new…
EASA foresees sufficient production capacity to meet EU’s 2030 sustainable fuel target
Sustainable aviation fuel in the European Union only accounted for 0.6% of the total uplift…