Turkish Airlines acquires €300M stake in Air Europa: advisors
Turkish Airlines has acquired a 26% stake in Air Europa in a transaction valued at €300 million, with Perez-Llorca acting as legal advisor to the Turkish carrier, and Latham & Watkins for Air Europa. The deal combines a €275 million capital increase with a €25 million purchase of shares from the Hidalgo family, which retains a 54% holding in the Spanish airline. IAG continues to hold its 20% stake, having paid €55 million for shares from the Hidalgo family.
The transaction effectively cancels Air Europa’s €475 million debt with the Spanish State Industrial Holdings Company (SEPI), including interest, a full year ahead of schedule. The airline has previously repaid a €141 million bank loan backed by the Instituto de Crédito Oficial (ICO). With public debt cleared, Air Europa can now focus on its growth strategy while preserving approximately 4,600 jobs, including around 600 new positions created since the pandemic.
The Perez-Llorca team advising Turkish Airlines included Carmen Reyna (corporate M&A partner), Carlos Mercadal, Felipe Sanclemente, and Mikel Ataun (corporate M&A lawyers), Eugenio Marín, Beatrice Lapi, and Rafaella Dalmau (banking & finance lawyers), and Juan Jiménez-Laiglesia (antitrust partner).
On the picture, from left to right, Carmen Reyna, Juan Jiménez-Laiglesia, Eugenio Marín and Carlos Mercadal.
