Turkish Airlines has started the regulatory process for its acquisition of a stake in Spanish carrier Air Europa, expecting it to take six to 12 months.
It states that it has signed the partnership transaction agreement covering the €300 million ($346 million) investment.
Turkish Airlines expects its minority stake to be around 25-27% once “technical and financial adjustments” are taken into account.
The carrier adds that the “vast majority” of the investment will be in the form of a capital increase.
Turkish disclosed in August that its offer to the Spanish airline had been accepted.
It says it is pursuing the investment to “strengthen our company’s strategic position”, increase the number of tourists visiting Turkey, and support opening of new markets in Latin America.
“The partnership agreement and other related transaction documents have been signed,” says the carrier.
“Acccordingly, the process of obtaining the necessary permits from the relevant regulatory authorities has commenced and is expected to be finalised within approximately six to 12 months.”
