Pérez-Llorca Advises Volotea on Aegean’s Acquisition

Greek airline Aegean is set to acquire up to 21% of Spanish low-cost carrier Volotea through a €50 million capital injection. The investment is structured as convertible debt, which will be exchanged for Volotea shares following a planned capital increase of up to €100 million.

Aegean has revealed that the capital injection will be implemented in two phases. The first phase, already completed, involved a €50 million investment, with €25 million contributed by Aegean and the remaining €25 million coming from Volotea’s existing investors, including the airline’s founder and CEO, Carlos Muñoz. With this initial capital increase, Aegean has secured a 13% stake in the Spanish company.

The second phase, expected to be completed before the first quarter of 2025, will mirror the first in terms of amount and distribution, ultimately raising Aegean’s stake in Volotea to 21%.

Volotea anticipates that Greek airline’s investment will strengthen its strategic and financial position in Europe, enabling the airline to better navigate the evolving aviation landscape.

This move comes as major players in the European airline industry continue to reshape the market. Lufthansa recently acquired Italy’s ITA Airways and has expressed interest in participating in the privatization of TAP Air Portugal, alongside competitors IAG and Air France-KLM. Air France-KLM has also taken a stake in Scandinavian carrier SAS.

Since 2021, both companies have maintained a bilateral codeshare agreement for routes across Italy, France, Spain, and Greece. With this new investment, their partnership will deepen, offering a total of 140 routes across Europe.

For this transaction, Volotea was advised on legal matters by Pérez-Llorca, with financial advisory services provided by Morgan Stanley and Barclays. The legal team included partners Julio Lujambio, Teresa Méndez, and Cosme Colmenero, alongside lawyer Francisco Gómez.