Air Europa: The Long IAG Negotiation, Turkish Airlines' Entry and the Routes to Latin America

An acquisition negotiation that ended differently than expected

IAG had taken a 20% stake in Air Europa as early as 2022 by converting a loan granted to Globalia, with the stated aim of reaching full control of the airline. European competition authorities, however, set conditions the group considered unacceptable, and in 2024 it gave up the acquisition, paying Globalia a 50 million euro penalty and keeping only the minority stake it already held.

Turkish Airlines' entry

In the same period Turkish Airlines entered Air Europa's capital with an investment of 300 million euros, coming to control between 26% and 27% of the airline. The resulting shareholding sees Globalia keep the majority stake, around 56-57%, with IAG remaining as a purely financial partner at 20% and Turkish Airlines as the new industrial partner.

The fleet and routes

On long-haul the airline relies mainly on the Boeing 787 Dreamliner, used on routes to destinations such as Buenos Aires, Lima, Bogotá, Santo Domingo and Miami, while European short and medium-haul is operated with Boeing 737s. The airline's historic strength remains the link between Madrid and the main South American capitals, a network that positions it as a direct alternative to Iberia on many of these routes.

What passengers say

• Appreciated side: the breadth of the network to Latin America from Madrid, the comfort of the Dreamliner cabin on the most recent routes.
• Most criticized side: frequent travelers' perceived uncertainty about the future ownership structure and possible synergies with Turkish Airlines or IAG in the coming years.

Air Europa remains one of the most direct choices for anyone flying from Madrid to South America, with a network that rivals Iberia's to several capitals on the continent. It is an airline worth keeping an eye on over time, given the recent corporate changes that could affect alliances and loyalty programs down the line.

If you earn miles in Flying Blue or SkyTeam through Air Europa, follow the official announcements about possible alliance changes tied to the new ownership structure before planning long-term redemptions.