The government of Spain has given the all-clear to Turkish Airlines' bid to purchase a minority stake in Spanish airline Air Europa, Turkish reported in a June 4 update for investors.
The planned 300-million-euro investment would buy Turkish between 25% and 27% of Air Europa, with the precise percentage to be determined at closing.
Turkish said it expects the investment in Air Europa to facilitate increased business with Spain and Latin America, to which Air Europa has a strong route network.
Turkish made its binding offer to Air Europa last August, saying it expected to close the transaction in six to eight months.
The airline now says that it expects the transaction to be finalized sometime this year.