
Turkish Airlines is close to securing a significant investment in the financially troubled Spanish carrier Air Europa, positioning itself as the leading bidder amid recent withdrawals by other major aviation groups. According to reports by Spanish newspaper El Español and aviation news sources, Turkish Airlines is advancing rapidly in negotiations with Air Europa’s parent company, Globalia, with a deal possibly imminent. The stake discussed is believed to be around 25%, which would infuse approximately EUR 240 million (USD 275 million) of fresh capital into Air Europa.
Air Europa, owned 80% by Globalia and 20% by International Airlines Group (IAG), has attracted interest from various European giants, including Lufthansa and Air France-KLM. However, Air France-KLM has formally withdrawn from the bidding process, citing an inability to reach agreement with Globalia, although it continues its operational partnership with Air Europa as a fellow SkyTeam member.
Lufthansa CEO Carsten Spohr confirmed ongoing but challenging talks, describing the acquisition as “very difficult to get... to succeed.” Lufthansa has also ended its bid recently, leaving Turkish Airlines as the sole known contender.
The Turkish investment bid is strategic, enabling access to Madrid’s hub—Air Europa’s base—which offers valuable routes across Europe, Latin America, and transatlantic connections. This move aligns with Turkish Airlines’ ambition to bolster its European footprint and extend reach to Latin American destinations such as Miami, Buenos Aires, and São Paulo.
Analysts view the investment as a high-risk, high-reward opportunity given Air Europa’s precarious financials, including a looming repayment of EUR 475 million (USD 550 million) in pandemic-era government loans, alongside regulatory and operational uncertainties.
In parallel to seeking outside investment, Air Europa is negotiating a new loan worth about EUR 140 million (USD 160 million) with major Spanish banks to support its capital needs and manage its debt burden. The fresh capital from the potential Turkish Airlines stake combined with credit lines is seen as critical for stabilizing the airline’s finances.
While Turkish Airlines and Globalia have declined to comment publicly, these developments signal a potential significant shift in European aviation cross-border consolidation. If successful, Turkish Airlines would become a strategic partner in reorganizing Air Europa’s future, leveraging Madrid’s key geographic position to enhance connectivity across multiple continents.