Fusiones y Adquisiciones

✈️ Air Europa's partnership with Turkish Airlines involves a €300 million investment for a 26% stake. If the EU blocks the deal, this sum will convert to a three-year loan. The current interest rate would be lower than the previous 9% for a €475 million state rescue. The decision from Brussels could take 6-12 months. Despite potential setbacks, Air Europa, under Globalia, remains financially stable.

🛫 Portugal, 2024: The government aims to privatize 45% of TAP Air Portugal. Three major European airline groups submitted offers, with Lufthansa's chances low due to its centralizing tendencies. IAG finds operational synergies, while French interests push for South American expansion. The government's control intentions with TAP shares remain unclear, impacting buyer interest. A past failed privatization influences current caution. As with ITA, strategic minority stakes might interest buyers, though Portugal's future involvement is uncertain.

✈ IAG, the parent company of Iberia and Vueling, seeks to acquire 44.9% of TAP, competing with Air France-KLM and Lufthansa. They submitted an interest declaration to Parpública, the Portuguese state enterprise manager. IAG highlights TAP's potential within its decentralized model, aligning with Portugal's goal to protect TAP. CEO Luis Gallego emphasizes that investment is contingent on favorable financial conditions. The potential acquisition aligns with IAG's expansion plans.

💸 Edreams experienced a dramatic 41.27% stock drop, erasing three years of gains. Despite reporting a €31.5 million profit and doubling adjusted Ebitda to €98 million, its strategic shift and reduced Ebitda forecast to €155 million alarmed markets. Edreams plans to invest in new products, international expansion, AI, and trains, aiming for 13 million Prime users by 2030. Analysts like Oddo foresee growth from 2028, but current performance is weak. Trading volume surged 37 times, impacting shareholders like Permira.

🗺️ Air France-KLM aims to purchase 44.9% of TAP Air Portugal. The sale process, involving IAG and Lufthansa, ends on November 22. TAP's value is set at €700 million, with 5% for employees. Portugal retains 50.1% to recoup its €3.2 billion pandemic investment. TAP reported €126 million profit in Q3, €55.2 million net in nine months, 12.7 million passengers by September, with revenues of €3.281 billion. CEO Luis Rodrigues anticipates a protracted partial privatization.

✈ Air Europa, led by Javier Hidalgo, signed a memorandum with Airbus for up to 40 A350-900 aircraft. Announced at the Dubai Airshow, this marks a strategic shift from Boeing to Airbus for long-haul fleet renewal. The A350s will enhance growth in Latin American markets with unmatched performance and savings. Juan José Hidalgo, Air Europa's president, highlights this order as a key strategic milestone, emphasizing the aircraft's exceptional cabin experience and operational efficiency.

📚 La consultora PWC, colaboradora de la patronal hotelera Cehat, también trabaja con la asociación de empresarios de pisos turísticos de Barcelona, una de las más fuertes de España. PWC ha elaborado informes favorables sobre los pisos turísticos, destacando su impacto económico en Barcelona. Cehat, presidida por Jorge Marichal, tolera esta dualidad, reflejando la falta de coherencia entre los lobbies turísticos españoles, que están fragmentados y carecen de una estrategia unificada.

📺 Rafael García Garrido, CEO of Travel Live, is exploring a new venture in early 2025: a live TV platform for broadcasting bullfighting events. This initiative aims to extend Travel Live's entertainment offerings. Despite industry concerns, data from the recent Feria de San Isidro suggests TV exposure didn't reduce live attendance. García Garrido hints at televised coverage for the 2026 Feria de San Isidro, potentially even available for free, to enhance both national and international reach.

🛩 Jozsef Varadi, CEO of Wizz Air, is under pressure for profits after a lack of earnings since before the pandemic. By shifting focus to Eastern Europe, including Romania, Montenegro, and Albania, profits rose 25.8% in the first half of 2023. Wizz Air exits Abu Dhabi and Vienna, opting for lower-cost bases like Bratislava and Tuzla. Fleet growth is paused until 2026, when a 20% seat capacity increase is planned.

📈 RateGain has acquired Sojern, an AI-driven digital marketing platform for the hotel sector, enhancing its global position. Together, they serve over 13,000 clients across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Bhanu Chopra, RateGain's founder, highlights the acquisition as a milestone for global expansion. Sojern CEO Mark Rabe sees opportunities for market growth and a unified AI platform. The collaboration aims for innovation and improved client results in a dynamic travel market.