Turkish Airlines will submit a binding bid for a minority stake in Spanish carrier Air Europa, after expressing interest last year, News.Az reports citing the Flight Global.
The Star Alliance carrier has not given any further indication as to the size of the proposed investment.
But it says 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.
Turkish Airlines adds that there is potential to “create a leverage effect” through new partnerships, revenue streams and operational diversity.
“Our company has resolved to submit a binding offer to Air Europa for a minority stake investment,” it states.
Feasibility evaluations have led the carrier to conclude that the proposed investment is “in line” with its long-term objectives under a business strategy running to 2033.
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.
