Turkish Airlines has announced that its binding offer to invest $349 million in Spanish carrier Air Europa has been accepted, marking a significant step in expanding the flag carrier’s global footprint.

"In this regard, we have been informed that the binding offer submitted by our company has been accepted by Air Europa, and the process has now moved to the preparation of transaction documentation and the commencement of official procedures related to closing," the airline said in a statement posted on Türkiye’s Public Disclosure Platform (KAP).

The acquisition entails a €300 million investment, with the vast majority in the form of a capital increase.

At the closing stage, technical and financial adjustments will determine the exact percentage of minority shares to be purchased.

Turkish Airlines said the move is part of its strategy to strengthen its global aviation position, open new tourism markets in Latin America, and increase passenger and cargo traffic between Spain and Türkiye.

The airline noted that enhancing connectivity would not only improve bilateral ties but also contribute economically by attracting more tourists to Türkiye.

The deal reflects the Turkish flag carrier’s ongoing efforts to expand its influence in the global aviation sector through strategic partnerships.

Air Europa, based in Madrid and a major player in transatlantic routes, provides Turkish Airlines with a stronger gateway to Latin America, a market with growing demand.

"The process is expected to be completed within approximately six to 12 months, subject to obtaining the necessary permits and approvals from the relevant regulatory authorities," Turkish Airlines added.

Air Europa, a subsidiary of Globalia, has been seeking international investment to stabilise its finances and strengthen its market share amid growing competition in Europe and Latin America.

For Turkish Airlines, the investment represents both a financial stake and a strategic opportunity to diversify its network.

Aviation analysts say the investment underscores Türkiye’s push to position itself as a central hub linking Europe, Asia, Africa, and Latin America.

Istanbul Airport, the airline’s main hub, is already among the busiest in Europe.