Turkish Airlines sells 49% of Air Albania two weeks after entering Air Europa
Turkish Airlines business is back on the scene. The Istanbul-based airline begins its period as a shareholder of Air Europa with a resounding divestment: the company notifies its investors of the sale of all shares of Air Albania, in which it maintained a 49% stake. In a brief statement, the airline does not provide information beyond that it will share with the market any relevant news related to the sales process. When asked about this movement, Turkish did not respond to the request at the end of this article.
The Turkish group thus ends seven years of ownership in the Balkan country’s national airline, which He joined in 2018 as co-founder together with the Albanian private company MDN Investment Shpk, owner of 41%, leaving the rest, 10%, to the Albanian State through Albcontrol, which manages and controls the country’s airspace. The company began operations that same year with a capital of 30 million dollars (about 26 million euros at the exchange rate).
It so happens that the agreement is known two weeks after the Ottoman airline closed its entry into Air Europa with the takeover of 26% in exchange for 300 million euros; a package that places it as the second shareholder, behind the Hidalgo family, owner of 54% through Globalia. Since then, the Spanish company has begun a new stage marked by the early repayment of loans of 475 million to the State Society of Industrial Participations (SEPI).
In the case of Air Europa, Turkish’s entry into its capital has started with several key movements. In the offices, the company has opted to replace Jesús Nuño de la Rosa as CEO, handing the reins to its current general director, Richard Clark. In the skies, the group has revolutionized its fleet with the reservation of up to 40 A350 aircraft to Airbus, leaving its relationship with Boeing behind.
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