Turkish Airlines has disclosed that its offer to acquire a minority stake in Spanish operator Air Europa has been accepted.
Turkish Airlines that the transaction is valued at around €300 million ($349 million), though the exact percentage of the minority stake has not been determined.
It will now prepare the documentation for the transaction, and expects to complete the stake acquisition within six to 12 months. Air Europa has not commented on the deal yet.
The announcement on 19 August comes just over a week after the Star Alliance carrier disclosed its intent to submit a binding offer to take a minority stake in Air Europa.
At the time it said the deal has the potential to “create a leverage effect” through new partnerships, revenue streams and operational diversity.
It added that the “complementary nature” of Turkish Airlines’ network and the “strong presence” of Air Europa would enable “scaled and accelerated growth” in the Latin American market.
While Turkish Airlines is a member of Star Alliance, Air Europa is part of the rival SkyTeam group.
Air Europa has previously attracted tie-up interest from Oneworld-linked IAG and, more recently, reportedly from Air France-KLM and Lufthansa.
