(MENAFN) Türkiye’s national airline, Turkish Airlines, revealed on Tuesday that its formal offer—which involves a €300 million ($349 million) investment—has been approved by the Spanish carrier Air Europa.

"In this regard, we have been informed that the binding offer submitted by our company has been accepted by Air Europa, and the process has now moved to the preparation of transaction documentation and the commencement of official procedures related to closing," stated the company in a release shared via Türkiye’s Public Disclosure Platform (KAP).

Turkish Airlines noted that the proposal was a definitive bid to acquire a minority stake in Air Europa.

The primary objective of this move is to fortify the airline’s global standing within the aviation industry, create access to fresh tourism opportunities in Latin America, and boost the number of international visitors to Türkiye.

Additionally, it aims to expand the air travel and freight network connecting Spain and Türkiye, thereby enhancing economic ties.

The €300 million investment will largely come through a capital increase.

The final share percentage to be acquired will be determined during the final phase of the deal, based on technical and financial evaluations.

"The process is expected to be completed within approximately six to 12 months, subject to obtaining the necessary permits and approvals from the relevant regulatory authorities," the airline's statement added.

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