Turkish Airlines remains the only major airline reportedly pursuing a stake in Spain’s Air Europa following the withdrawal of German Lufthansa and French Air France-KLM from the bidding process. The decision by Lufthansa and Air France-KLM to step back leaves Turkish Airlines in exclusive talks as it explores potential investment and partnership opportunities with the Spanish carrier.

Air Europa, once a charter airline turned full-service operator, has grown to become Spain’s second-largest airline, boasting a route network spanning Europe and Latin America. Despite IAG’s (owner of British Airways) 20% shareholding, the consortium failed to secure regulatory approval for a full acquisition after prolonged negotiations in 2024.

According to a filing made by Turkish Airlines to regulatory authorities on June 20, the airline is engaged in non-binding talks aimed at evaluating strategic possibilities with Air Europa. Sources close to the matter, including Reuters, note the drawn-out process partly stems from internal disagreements within the Hidalgo family—the airline’s owners—and concerns from interested parties over deal structuring.

Air Europa carried 12.2 million passengers in 2024 and currently operates a fleet of 46 Boeing aircraft, including 18 B787-9s and 17 B737-800s, with further deliveries of B787-9 and B737 MAX 8 aircraft expected.

For Turkish Airlines, Spain remains a key market, with flights to five Spanish cities from its Istanbul hub. In August 2025, Turkish Airlines offered approximately 5,500 seats daily across routes to Barcelona, Madrid, Bilbao, Valencia, and Malaga, according to Cirium SRS data.

This potential partnership could deepen Turkish Airlines’ presence in Spain and enhance connectivity between Turkey, Spain, and Latin America, reinforcing Air Europa’s role in the region’s aviation landscape.