Fusiones y Adquisiciones

💸 Minor Hotels, in September 2025, received approval to delist NH Hoteles from the Spanish stock market. They will buy the remaining 4.1% of shares at €6.51 each, totaling over €117 million for 18 million shares. NH's European arm earned €112 million with revenues of €1.206 billion in the last quarter ending July 1, 2025, and reduced debt by €120 million during the semester. CEO Dillip Rajakarier aims to enhance agility and value creation by delisting.

🗺 Glenn Fogel, CEO of Booking, emphasized the need for improved passport controls in U.S. airports due to a 3.8% drop in foreign tourists in the first seven months of the year. Notable declines include a 17% drop in European visitors in April. These issues, attributed to Trump's immigration policies, are concerning as the U.S. prepares for the 2026 FIFA World Cup and 2028 Summer Olympics. Fogel suggests enhancing airport efficiency to address these challenges.

✈️ Embraer faces a 50% tariff by the US on Brazilian imports. The tariff is a retaliation by the Trump administration against Brazil for the legal actions against Jair Bolsonaro. Embraer's CEO, Francisco Gomes Neto, is negotiating to avoid the $20 million hit this quarter. Embraer plans a $500 million investment in Florida and Dallas. Notably, 40% of their aircraft components are American, emphasizing potential European alternatives.

🛫 The Spanish Government and the European Commission allowed the Hidalgo family to remain the main shareholders of Air Europa, preventing Iberia's acquisition. Turkish Airlines and Etihad, both state-owned, are potential investors to help Air Europa clear its debt with SEPI, while SEPI aims to keep significant Spanish companies under national control. Despite state rescues for Air France-KLM and Lufthansa, Air Europa's ownership remains unchanged, risking its future control by an Islamic world power.

✈ Turkish Airlines plans to acquire a minority stake in Air Europa, aligning with its 2033 strategy. Turkish already holds 50% of SunExpress and 49% of Air Albania. The Türkiye Wealth Fund owns 49.12% of Turkish. With over 300 destinations worldwide, Turkish aims to enhance its global aviation presence. Air Europa, partly owned by Iberia, operates over 50 aircraft and serves 55+ destinations, including the newly launched Madrid-Istanbul route.

✈️ Turkish Airlines is poised to acquire a 25% stake in Air Europa after Lufthansa and Air France-KLM withdrew. This follows the EU's veto on Air Europa's merger with Iberia last year. The EU faces criticism for potentially allowing a non-EU state-controlled airline to gain influence. Turkish Airlines' involvement limits Brussels' intervention options. Potential stakeholders include state-affiliated Turkish and Etihad Airlines, led by authoritarian figures Recep Tayyip Erdoğan and Mohamed bin Zayed Al Nahyan, in power since 2014.

🛫 Air Europa, October 2023: Despite its potential as an ideal acquisition target, major European airlines like Air France, Lufthansa, and IAG withdrew interest due to competition concerns and internal issues. Etihad and Turkish Airlines remain interested, but legal obstacles prevent non-European ownership. Air France exited earlier, and on Monday, Lufthansa confirmed no further interest. The Hidalgo family, current owners, face scrutiny, raising doubts about Air Europa's future as a leading long-haul Spanish airline.

💰 International Airlines Group (IAG) has increased its 20% stake in Air Europa to €191 million as of the first half of 2025, marking a rise of €52 million from the end of 2024. Despite exiting the acquisition process due to EU conditions, IAG remains a minority shareholder, contributing €16.25 million in a recent capital expansion. In 2024, Air Europa's revenue reached €2.932 billion, with a pre-tax profit of €116 million.

🛩 Air Europa is set for a major change, with potential new state-controlled partners, Turkish Airlines or Etihad Airways. Recep Tayyip Erdoğan and Mohamed bin Zayed Al Nahyan, rulers since 2014, may influence this shift. Globalia will retain a majority stake, while Air Europa's modern fleet is a key attraction for both airlines. The partnership could significantly impact Spanish aviation, following a contentious public bailout, marking one of the largest national aviation deals in history.

✈️ Italian aviation unions oppose the industrial plan of Ita Airways, a Lufthansa-owned airline, just weeks after its privatization. Lufthansa's plan focuses on long-haul flights, with limited expansion of only five new aircraft for these routes mainly from Fiumicino. Unions criticize the lack of adequate discussions with social partners. A summer truce is in place, but unions plan to resume protests demanding greater involvement in decision-making and more long-haul aircraft.