Air Europa has closed the agreement that allows Turkish Airlines to acquire a stake in the airline with a €300 million investment. The transaction, finalized early this morning, will be carried out through a loan convertible into an equity stake which, once the necessary authorizations are obtained, will become a 26% share. This cash injection completes the €475 million financing granted to the airline by the state-owned holding company SEPI during the pandemic. This brings forward by one year the repayment deadline for the state aid received. This transaction values 100% of Air Europa, a company with predominantly Spanish and family-owned capital, at approximately €1.175 billion. The Hidalgo family, through Globalia, will remain the majority shareholder of the company. Meanwhile, IAG – the holding company that owns Iberia, Vueling, and British Airways – will retain its current stake through the purchase of shares in Globalia. With this repayment, which includes interest, the amount recovered by the fund created to rescue strategic companies affected by the pandemic (FASEE) totals €1.425 billion. This sum represents 53% of the €2.681 billion granted. In addition to Air Europa, Ávoris, Eurodivisas, Wamos, Rugui Steel, Ferroatlántica, Soho, Hesperia, and Hotusa have also repaid their loans.

Turkish Airlines, the Turkish flag carrier, has submitted a binding offer to acquire Air Europa, currently holding a minority stake. The offer comes after Germany's Lufthansa ruled out a stake in Air Europa.