Turkish Airlines will acquire a minority stake in Air Europa following the Spanish airline's acceptance of an investment offer of 300 million euros.
The exact percentage of Turkish Airlines' share will be determined at the closing stage of the deal.
The process is expected to be complete within six to 12 months and is subject to the necessary permits and approvals from regulatory authorities.
Turkish Airlines earlier this month stated it was preparing a binding offer for a share in Air Europa with the hopes of expanding its network into Spain and Latin America.
The move comes after European aviation giants Lufthansa and Air France-KLM both abandoned plans for a stake in the Spanish carrier. British Airways parent IAG, which has an existing 20% stake in Air Europa, backed out of plans to take a majority share in the carrier last year after multiple failed attempts.
Source: Business Travel News