Air Europa has confirmed that its planned partnership with Turkish Airlines remains “on track” — but not yet finalized. The deal, which would see the Istanbul-based carrier acquire around 25% of Air Europa, is still progressing through final stages, according to Globalia, the Spanish group that owns the airline.

The company added that the €475 million loan granted in 2020 by Spain’s state-owned SEPI strategic support fund has not yet been repaid, underscoring the financial backdrop against which negotiations continue.

First announced earlier this year, the investment marks Turkish Airlines’ latest move to strengthen its foothold in southern Europe and expand connectivity between Madrid, Istanbul, and Latin America, a key growth corridor for both carriers.

While details remain under wraps, Air Europa insists the talks are moving in the right direction — even if the ink isn’t dry just yet.