Overview

• Air Europa agreed to a €300 million package from Turkish Airlines made up of a €275 million convertible loan and €25 million in immediate share purchases.
• Air Europa president Juan José Hidalgo signed the acceptance on August 19, and Turkish said it is preparing documentation and starting regulatory filings with an estimated 6–12 month timeline subject to approvals.
• The Spanish government must authorize foreign investments in strategic companies, and the loan would convert into equity only after that approval.
• The company intends to use the funds primarily to repay around €475 million in SEPI pandemic rescue debt and related obligations.
• Following completion, Globalia would hold about 53%, Turkish Airlines about 26–27%, and IAG about 20%, with both carriers citing potential connectivity gains between Madrid, Latin America and Istanbul/Asia.