Turkish Airlines is making a calculated bet on Europe’s southern gateway. It has struck a deal to invest €300 million ($349 million) for a minority stake in Air Europa, a Madrid-based carrier that Europe’s largest airline groups have tried and failed to control.
In a regulatory filing published earlier this week, Turkish Airlines said its binding offer had been accepted by the Spanish firm. If realized, the tie-up could have a significant impact on travel between Europe and the Americas.
Air Europa lacks the global brand power of Iberia or Lufthansa, but Spain’s third-biggest airline punches above its weight. It boasts a long-haul network that bridges Europe and Latin America with a total fleet of more than 50 aircraft, including widebody Boeing 787 Dreamliners.
Turkish outlined four strategic reasons for the move:
Strengthening its strategic position in the global aviation sector
Opening new tourism markets in Latin America
In
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