Globalia is negotiating the sale of a 20% stake in its subsidiary Air Europa (UX, Palma de Mallorca) to Air France-KLM worth over EUR100 million euros (USD105.5 million), unnamed sources have told the Spanish newspaper elEconomista.
Due to the percentage allegedly being eyed by the Air France and KLM Royal Dutch Airlines parent, the transaction would not require the European Union’s regulatory approval, the newspaper said, unlike IAG International Airlines Group’s recent bid for full control of the Spanish carrier, which was rejected earlier in 2024.
Globalia, which is owned by the Hidalgo family, holds 80% of Air Europa, with the remaining 20% being in the hands of the IAG holding (although it could be diluted), which also possesses Iberia, British Airways, Vueling Airlines, Aer Lingus, and LEVEL.
Air Europa and Air France-KLM were not immediately available for comment to ch-aviation. However, the Franco-Dutch conglomerate told elEconomista that “discussions are ongoing.”
Both entities recently renewed their long-term contract for comprehensive maintenance support of Air Europa’s Boeing B787 aircraft by Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) and are members of the Skyteam alliance. Reportedly, Lufthansa Group is also interested in acquiring a stake in Air Europa.
During the Covid-19 pandemic, Air Europa was bailed out by the Spanish government with loans exceeding EUR616 million (USD650 million). elEconomista reported that it had repaid EUR124 million (USD130.8 million) of a EUR141 million (USD148.7 million) loan from Spain’s credit authority (Instituto de Crédito Oficial - ICO), but has yet to repay EUR475 million (USD501.1 million) from the country’s sovereign wealth fund (Sociedad Estatal de Participaciones Industriales - SEPI).
