Signatures signed: Turkish Airlines to become a partner in Spanish airline

Turkish Airlines (THY) has announced that the previously initiated negotiations for the acquisition of minority shares in Air Europa have concluded positively. In a statement made by THY to the Public Disclosure Platform (KAP), it was stated that this strategic step aims to strengthen its position in the global aviation sector and open new tourism markets in Latin America.

In THY's statement, it was noted, "Our Board of Directors had decided to submit a binding offer for the acquisition of minority shares within Air Europa Holding S.L.U. in order to increase the number of tourists coming to our country and the economic contribution by developing the passenger and cargo flight network between Spain and Turkey. In this context, it has been reported that the binding offer submitted by our Partnership has been accepted by Air Europa."

The majority of the agreement will take the form of a 300 million Euro capital increase. The exact minority stake to be acquired will be finalized following technical and financial adjustments at the closing stage. The process is expected to be completed within 6 to 12 months, subject to obtaining the necessary regulatory approvals. THY also stated that it will inform the public of any new developments that may affect investors.

News Source: 12punto