Turkish Airlines (TK, Istanbul Airport) has formalised its entry into the capital of Air Europa (UX, Palma de Mallorca), with a EUR300 million euro (USD347 million) investment acquiring a minority stake of between 25% and 27%, once regulatory approvals are completed within the next six to 12 months.

With this deal, Air Europa will be able to fully repay the nearly EUR500 million (USD578 million) in loans granted by Spain’s sovereign wealth fund (Sociedad Estatal de Participaciones Industriales - SEPI) during the COVID-19 pandemic, majority owner Globalia said in a statement.

The carrier also received a EUR141 million (USD163 million) loan backed by the country’s credit bank (Instituto de Crédito Oficial - ICO), which was fully repaid in May 2025.

Globalia will remain the majority owner of Air Europa, with Turkish becoming the second-largest shareholder. IAG International Airlines Group will keep its 20% in the carrier.