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One of the three big credit rating agencies, Fitch Ratings, said on Tuesday that Turkish Airlines’ acquisition of a minority stake in Spain’s Air Europa would strengthen the Turkish flag carrier’s passenger and cargo network between Türkiye and Spain while opening access to the fast-growing Latin America–Europe market.
According to Fitch, the transaction is expected to have only a limited impact on leverage while broadening connectivity across key transatlantic routes.
The agency noted that Air Europa, though smaller in size than Turkish Airlines, holds a strong position in South American destinations and is the second-largest carrier at Madrid-Barajas Airport.
Turkish Airlines announced on Aug. 19 that Air Europa had accepted its binding offer to acquire minority shares valued at €300 million ($324 million). Completion of the purchase remains subject to regulatory approval and is anticipated within six to 12 months.
Fitch added that the deal fits into a wider trend of major European carriers such as Air France-KLM and Lufthansa pursuing minority stakes or complementary acquisitions. It also pointed to TAP Air Portugal as a potential candidate for future consolidation in Europe, the Middle East, and Africa.
Turkish Airlines remains a leading carrier both regionally and globally, transporting 60.7 million passengers between January and August with a load factor of 82.7%. Cargo and mail volume increased 5.4% year-on-year to 1.4 million tons, up from 1.3 million tons in the same period of 2023.
By the end of August, the company’s fleet reached 501 aircraft, reflecting its continued expansion as it positions itself in both European and intercontinental markets
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