On November 27, 2024, Globalia, the Spanish tourism conglomerate that owns Air Europa, confirmed that it has received interest from Air France-KLM regarding a potential acquisition of a stake in the airline. This development comes after the Spanish newspaper El Economista reported that the Franco-Dutch airline group was considering taking a 20% stake in Air Europa. Globalia's statement was clear in acknowledging the interest but also in highlighting that this is not an exclusive scenario. "There is an interest, just as there is interest from other airlines and funds. Nothing is sealed," a Globalia spokesperson noted, indicating that the discussions are part of a broader exploration of strategic options for Air Europa.
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The interest from Air France-KLM comes at a time when Air Europa has been navigating through financial turbulence. Earlier in the year, International Airlines Group (IAG) abandoned its plan to acquire Air Europa after the European Commission raised concerns about competition. IAG had previously acquired a 20% stake in Air Europa for €100 million in 2022, but regulatory hurdles led to the deal's collapse. Air France-KLM's potential move into Air Europa could be a strategic play to expand its influence in the European aviation market, particularly in Spain, which is a key gateway for transatlantic flights to Latin America.
The exact terms of any potential deal with Air France-KLM, including the price and the extent of the stake, have not been disclosed, but it's suggested that the price would be above the €100 million IAG paid for a similar stake. This interest from Air France-KLM is part of a wider context where airlines are looking to consolidate or expand to optimize their networks and operational efficiencies. Air Europa, operating flights within Spain and to major cities in Europe and Latin America, could provide Air France-KLM with additional routes and a stronger presence in these markets.
Globalia's acknowledgment of the interest also implies that any deal would require navigating through various regulatory approvals, considering the previous scrutiny faced by the IAG acquisition attempt. Air France-KLM has expressed that any discussions are within the framework of enhancing commercial cooperation under the SkyTeam alliance but has not confirmed any intent to acquire a stake. This situation leaves the future of Air Europa's ownership open to further developments and negotiations.