Fusiones y Adquisiciones

💰 El 96.98% de pequeños accionistas de Minor Hotels Europe & Americas aceptaron la opa de exclusión por MHG Continental Holding con una oferta de 6.51 euros por acción. Esta oferta, afectando a 15,671,528 títulos, busca excluir la antigua NH de las bolsas españolas debido a su escaso capital flotante del 4.13%. La suspensión de cotización ocurrió el 15 de julio con un precio de 6.46 euros por acción. Minor ganó 112 millones en el primer semestre de 2025, un 57.8% más que en 2024.

✈️ Lufthansa has centralized control over its subsidiaries—Swiss, Austrian, ITA, and Brussels Airlines—eliminating their autonomy in long-haul and now short-haul flights, HR, and tech, all directed from Frankfurt. This contrasts with Air France's increased but distinct control over KLM, and IAG's different model with Iberia and British Airways. While economies of scale are advantageous, nationalistic tensions, especially in Belgium and Italy, pose risks. The long-term effectiveness of these strategies remains uncertain.

🌐 Viajes Marsans revived in May, shedding its 2010 bankrupt past. Operations began on June 2 under José Miguel Jiménez González. Now fully operational, Viajes Marsans offers licenses, franchises, and white-label agencies. Investment ranges from €1,500 to €150,000, with monthly fees between €150 and €6,000. Growth is planned through online activities and more agencies by mid-next year. The brand aims to maintain its historic legacy while introducing a fresh, future-focused management style.

✈️ World2Fly, as of April 2025, successfully passed the IOSA audit by IATA. The certification, essential for joining the airline lobby and operating internationally, is valid until September 4, 2027. World2Fly and World2Fly Portugal emphasize their commitment to operational safety and quality standards. This achievement results from their team's dedication and collaboration, aiming to surpass one million passengers this year with the new A330 aircraft.

📦 Lufthansa plans to expand its stake in ITA Airways from 41% to 90%, investing an additional €325 million plus €100 million for other expenses. Talks with the Italian government have begun, targeting completion before next summer. Carsten Spohr states ITA's performance exceeds expectations, aiding negotiations. Despite not yet achieving desired profit margins, integration proceeds well. Lufthansa aims for full control of ITA, built from Alitalia's legacy.

🌎 W2M and Europamundo, in 2025, Spain and Portugal, launched a joint business under the brands Kannak by Europamundo and Europamundo. This alliance enhances agency access to more guaranteed departures, flights included, and regionalized options, targeting the senior segment. The 2026 season distribution begins soon, using existing channels: Europamundo (B2B) and Kannak sites. The joint business will have a dedicated team for customer service, product development, and group management, ensuring quality and efficiency.

📈 Ávoris, owned by Barceló, aims to expand its travel agency network internationally. With a 25% market share in Spain and 1,800 sales points, they plan to enter Egypt and Morocco. Endika Ormaeche leads the division, targeting regions with existing tour operations. Expansion plans involve choosing a brand for these markets. Pilar López, recently joined from Viajes El Corte Inglés, will support the internationalization project as director of indirect sales projects.

🛩 Turkish Airlines, August 2023: plans to acquire a 26% stake in Spain's Air Europa for €300 million, contingent on a thorough review of financials, governance, and related issues. The urgency stems from the Hidalgo family's need to repay a €475 million SEPI loan by November 2023. Turkish aims for a due diligence to ensure accurate documentation. Air Europa, with increased interest from banks, reached nearly €3 billion in sales in 2024.

📍 Ávoris, in Spain, continues to expand among independent travel agencies. After acquiring Dit Gestión and Gea, adding about 1,300 sales points, Ávoris aims for a commercial alliance with Star, which has around 100 agencies. The next step could be acquiring Soltour's 30% stake in Star. Ávoris does not plan full acquisition of Star or other groups, focusing instead on enhancing Ávoris Store, which includes Travelplan, Catai, and others.

💸 Jet2 cayó un 12.52% el jueves tras unos resultados económicos anticipados que decepcionaron al mercado. EasyJet retrocedió un 3% y Wizz Air también fue afectada. Steve Heapy, CEO de Jet2, mencionó la dificultad del mercado británico. Los precios subieron moderadamente respecto a 2024 y se mantendrán en invierno. Se espera que los resultados anuales estén en la banda baja de las expectativas. Más detalles serán divulgados el 19 de noviembre.