Turkish Airlines on Tuesday said Air Europa had accepted its 300-million-euro ($350 million) offer to purchase a minority stake in the indebted Spanish airline.
In a statement to the Istanbul Stock Exchange regulator (KAP), the Turkish flag carrier said 鈥榯he binding offer submitted has been accepted by Air Europa鈥� and procedures to close the deal had started.
鈥楾he transaction involves an investment of 300 million euros, the majority of which is in the form of a capital increase鈥� which would then be converted into a stake whose share would be finalised in the coming months.
鈥楾he minority shareholding ratio to be acquired will be finalised following technical and financial adjustments to be made at the closing,鈥� it said.
Media reports in Spain and Turkey gave a figure of some 26 per cent.
Turkish Airlines said the process was due to be completed within six to 12 months, subject to approval by the relevant regulatory authorities, including the Spanish government.
The airline submitted its binding offer on Tuesday to Globalia, the Spanish tourism group which holds an 80-per cent stake in Air Europa.
The other 20 per cent is held by British Airways owner IAG.
The move comes two weeks after rival bidders Lufthansa and Air France-KLM dropped out of talks to take a stake in the Spanish airline.
Turkish Airlines had on August 7 informed KAP it had decided to submit a binding offer to acquire a minority stake in Air Europa.
It said the complementary nature of its own global passenger and cargo network and Air Europa鈥檚 strong position in the Iberian Peninsula and Latin America would 鈥榗ontribute to achieving scaled and rapid growth in the Latin American market鈥� and create new revenue channels.
Last year, IAG dropped a bid for a full takeover of the Spanish carrier owing to regulatory constraints.
