Jesús Nuño de la Rosa leaves Air Europa after Turkish Airlines' entry into the market.
The executive's departure also coincides with the return of the loan to SEPI.
BarcelonaTurkish Airlines' acquisition of Air Europa is beginning to yield its first results. The airline's former CEO, Jesús Nuño de la Rosa, has announced his departure after reaching an agreement with Chairman Juan José Hidalgo. The company emphasized that the agreement was reached "in an atmosphere of friendship and utmost cordiality" and was also approved by the board of directors. "Air Europa thanks Jesús Nuño de la Rosa for his commitment, dedication, and loyalty," the company, which is predominantly Spanish and family-owned, stated in a press release. Nuño de la Rosa's replacement, who had held the position since July 2022, will be announced in the coming days. Just under two weeks ago, Air Europa closed the entrance Turkish Airlines has invested €300 million in Air Europa. The Turkish offer came after Germany's Lufthansa ruled out acquiring a stake in Air Europa, as did IAG, the holding company that owns Iberia, Vueling, Level, and British Airways. This injection of funds completes the €475 million financing granted to the airline. by the public company SEPI During the pandemic, the deadline for repaying the state aid was brought forward by a year.
The departure of Nuño de la Rosa coincides precisely with the exit of the directors representing SEPI on the Air Europa board of directors, César Hernández Blanco and Juan Manuel Bujía. "This decision is framed within the company's current context," the company emphasizes.
26% of the capital
Turkish Airlines' entry will be through a loan convertible into equity. With this transaction, the Turkish airline will hold a 26% stake in Air Europa.
The Hidalgo family, through Globalia, will remain the majority shareholder of the company. IAG, for its part, will retain its current stake through the purchase of shares in Globalia.
With Air Europa's repayment, the amount recovered by the fund created to rescue strategic companies affected by the pandemic (FASEE) rises to €1.425 billion. This sum represents 53% of the €2.681 billion granted. In addition to the Mallorca-based airline, companies such as the hotel chains Hesperia and Hotusa have also repaid the amounts loaned by SEPI.