Fusiones y Adquisiciones

🏨 Azora, a Spanish asset manager, has been authorized by the CNMC to acquire MedPlaya Hotels, which operates 21 hotels with 4,000 rooms across the Costa Brava, Maresme, Costa Daurada, Benidorm, Costa del Sol, and Bulgaria. MedPlaya, founded in 1967, reported €107 million in revenue in 2023. Azora manages €14.6 billion in assets, with an accumulated hotel investment of €3.3 billion. The acquisition remains pending closure.

🛫 Turkish Airlines will invest €275 million in Air Europa, acquiring at least 26% of its capital. This move satisfies Juan José Hidalgo, ensuring the airline's future and Spain's national carrier status. The investment, along with Air Europa's cash reserves, will clear a €475 million SEPI loan, after repaying a €150 million ICO loan in May 2025. Globalia's president highlights having two strong partners: IAG (20% stake) and Turkish (26%-27% stake). SEPI's approval is required for this transaction.

🏖️ Grupo Barceló adquiere el 80% de Rusticae. Fundada en 1996, Rusticae ofrece 210 alojamientos: 186 España, 18 Portugal, 4 Marruecos, 1 Andorra, 1 Italia. Sara Sánchez conserva 20% y continúa como CEO. Barceló, tras cerrar 2024 con €7.5B facturación y €301.8M beneficio neto, elimina deuda y emplea 40,800 personas. Rusticae se enfoca en experiencias auténticas y sostenibilidad. Fundadoras Carlota Mateos e Isabel Llorens se retiran; el equipo actual sigue.

🏨 Grupo Barceló acquired 80% of Rusticae, aiming to enhance its presence in rural tourism, boutique hotels, and local experiences. This acquisition involves 210 accommodations primarily in Spain, with some in Portugal, Morocco, Andorra, and Italy. Sara Sánchez retains 20% ownership and remains as director, while founders Carlota Mateos and Isabel Llorens step down. The move targets niche market growth, technological advancement, and international expansion. Rusticae focuses on high-end, sustainable local tourism.

💸 Travelplan, a brand under Ávoris, has faced five consecutive years of losses. In 2024, after its acquisition by Barceló in late 2022, losses were reduced to €656,000 from €4 million in 2023 and €7.6 million in 2022. Sales increased from €194.6 million in 2022 to €257 million in 2024. The company reported a net negative equity of €5.9 million and reduced its workforce from 121 employees in 2023 to 105 in 2024.

💸 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.