BAKU, Azerbaijan, November 7. In a filing with Borsa Istanbul, Turkish Airlines noted that the transaction documentation process has been completed and that the partnership agreement and related contracts have been signed, TurkicWorld reports via Hürriyet Daily News.
The deal now awaits approval from the relevant regulatory authorities, a process expected to take six to 12 months, said the flag carrier.
Turkish Airlines had previously announced that its binding offer to acquire a minority stake in Air Europa Holding S.L.U. was accepted.
The transaction involves an investment of 300 million euros, the vast majority of which will be in the form of a capital increase, said the statement.
Following technical and financial adjustments at closing, the airline expects to secure a 25 percent to 27 percent stake in Air Europa.
The carrier emphasized that the move is designed to strengthen its strategic position in the global aviation industry, open new tourism markets in Latin America and expand passenger and cargo networks between Spain and Türkiye.
