Turkish Airlines acquires €300 million stake in Air Europa

Perez-Llorca advised Turkish Airlines and Latham & Watkins advised Air Europa in the transaction. The transaction saw Turkish Airlines acquire a 26% stake in Air Europa in a deal valued at €300 million. The consideration combined a €275 million capital increase alongside a €25 million purchase of shares from the Hidalgo family, which retains a 54% holding in the Spanish carrier. International Airlines Group (IAG) continues to hold its 20% stake after paying €55 million for shares from the Hidalgo family. The operation effectively cancels Air Europa’s €475 million debt with the Spanish State Industrial Holdings Company (SEPI), including interest, a full year ahead of schedule. The airline had previously repaid a €141 million bank loan backed by the Instituto de Crédito Oficial (ICO). With public debt cleared, Air Europa is positioned to focus on its growth strategy while preserving approximately 4,600 jobs, including roughly 600 positions created since the pandemic. Perez-Llorca represented Turkish Airlines with a team composed by: Carmen Reyna (corporate M&A partner), Carlos Mercadal, Felipe Sanclemente and Mikel Ataun (corporate M&A lawyers), Eugenio Marín, Beatrice Lapi and Rafaella Dalmau (banking & finance lawyers), and Juan Jiménez-Laiglesia (antitrust partner). Latham & Watkins represented Air Europa.

Turkish Airlines acquires €300 million stake in Air Europa

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