According to Spanish and Turkish news agencies this will be Turkish Airlines. The company has announced that it will grant the Spanish airline (IATA: UX) a loan of EUR 275 million in exchange for securing up to 27% of the capital shares in Air Europa. Negotiations are still ongoing, but if the agreement is finalized, the future ownership structure of Air Europa will be as follows: Spanish tourism company Globalia Business Corporation, led by UX President José Hidalgo will remain being in the driver’s seat by holding 50+% in the company, followed by newcomer Turkish Airlines (27%) and the IAG Group, which holds 20% in the Spanish carrier.
With its binding offer, the Turkish company aims to achieve rapid growth in the Latin American market, create new sources of revenue, and increase regional operational diversity, according to HavaHaber, a Turkish media outlet specializing in aviation matters. In fact, THY, in which the Turkish state has a majority stake (49.12%), has already reported its plan to the Public Disclosure Platform (KAP), an electronic business notification system operated by the Istanbul Stock Exchange and the CBM, the securities market regulator.
TK pursues a dynamic growth strategy
In a statement issued on 07AUG25 to that system, THY noted that its feasibility studies have shown that, as part of its current growth strategy, the combination of its global network of air connections with Air Europa’s strong presence in Spain and Latin America, in both the passenger and cargo segments, “can contribute to [TK’s] rapid and large-scale growth” in this region of the world.
“In this context, our company has decided to submit a binding offer to Air Europa for the acquisition of a minority stake. If any developments arise that could affect our investors’ decisions, the necessary announcements will be made public,” concluded THY’s statement to KAP.
THY prides itself of being the airline that flies to the most countries in the world.
Madrid-Barajas benefits
Provided the negotiations are successful, TK would gain access to 20 destinations in Central and South America via Air Europa’s hub in Madrid. The Iberian airline’s flight schedule focuses on tourist destinations such as Cancún, Mexico, Punta Cana and Santo Domingo in the Dominican Republic, but serves commercial centers as well like Lima, Peru, Quito, Ecuador, Buenos Aires, Argentina, Montevideo, Uruguay, and São Paulo, Brazil. In addition, UX serves two attractive destinations in the U.S.: Miami and New York. It is expected that in future TK will route some of its transatlantic traffic via UX’s Madrid-Barajas hub, which will strengthen the airport’s role as a main gateway in Southern Europe.
Which partner will TAP choose?
Only days ago, Air France-KLM and Lufthansa pulled out of the race for Air Europa, this way opening the door for TK’s advance.
It is expected that the two companies will now make intensive efforts to acquire a stake in TAP Portugal, the last legacy carrier of Southern Europe that does not yet belong to a larger aviation group and is majority state-owned. The new Portuguese government recently announced its intention to sell up to 49% in TAP Portugal. Market observers believe that Lufthansa is in a better position to win the bid. At the end of last year, its subsidiary, Lufthansa Technik announced a multi-million-euro investment in Santa Maria da Feira, 35 kilometers south of Porto, where it acquired a 230,000-square-meter plot of land. On the site, known as “Lusopark”, a facility for the repair of engine components and the maintenance of aircraft parts is to be built. It which will be equipped with the latest maintenance, repair, and overhaul technologies. The construction work is expected to be completed by the end of 2027. Lufthansa Technik speaks of 700 new jobs that will be created there.
