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Türkiye’s flag carrier, Turkish Airlines, is reportedly seeking full ownership of SunExpress by acquiring the 50% stake currently held by Germany’s Lufthansa, according to reports.
Turkish Airlines is said to be pressing for full ownership, while Lufthansa prefers to retain its share, citing continued financial benefits from the partnership, Italian daily Corriere della Sera reported.
Sources familiar with the discussions estimate SunExpress’s total value at about $2.5 billion, the report said. Should Turkish Airlines move forward, it would likely pay at least $1.25 billion to Lufthansa for its share, excluding any potential incentive or premium.
While no formal offer has reportedly been submitted, the matter has been discussed several times, and Lufthansa has so far rejected the idea of divesting its stake.
The move aligns with Turkish Airlines’ broader expansion strategy, as the carrier seeks to consolidate its position in regional and international markets. The airline is also exploring opportunities in Europe and Latin America through strategic investments.
Turkish Airlines agreed in August to acquire a 26% stake in Spain’s Air Europa for around €300 million ($344.65 million), after competing with Lufthansa for the bid, entering a company that counts the International Airlines Group (IAG)—owner of British Airways, Iberia, and Aer Lingus—as a shareholder.
The carrier also placed an order for 225 Boeing aircraft in September, including 150 firm and 75 optional orders, as part of its plan to expand its fleet to 813 aircraft by 2033, up from 388 as of September.
SunExpress, the Antalya-based airline, established in 1990 as a 50-50 joint venture between Turkish Airlines and Lufthansa, specializes in flights connecting European cities with Türkiye’s major holiday destinations.
In 2024, SunExpress generated approximately $2.2 billion in revenue, achieving $195 million in operating profit and $164 million in net profit, while carrying around 15 million passengers. The airline operates a fleet of 88 aircraft, including Boeing 737s, 737 MAXs, and Airbus A320s, with 45 new aircraft on order and another 45 under option.
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