Fusiones y Adquisiciones

✈ Qatar, Dubai, and Abu Dhabi are aviation leaders, innovating cabin configurations and seat designs. Etihad withdrew from acquiring Air Europa, leaving Iberia, Air France-KLM, and Lufthansa interested. Air Europa's 25% sale faces challenges due to minimal control and controversial shareholders. The Gulf states sponsor successful football teams (PSG, Manchester City, Real Madrid). US military actions in Iran and Syria bolster regional tourism, with Saudi Arabia as a key player.

✈ Air Europa, in 2024, had 186 daily flights, 35% below pre-pandemic levels, but achieved a record €116 million profit. Vueling led Spanish airlines with 609 daily flights, up 1% from 2019, followed by Iberia with 400 flights, a 9% increase. Ryanair dominated with 3,044 daily flights, a 31% rise. Wizz Air saw the highest growth at 42%. Lufthansa, SAS, and Norwegian faced significant declines, with decreases of 23%, 25%, and 31%, respectively.

💸 Javier González-Soria and partners launch TT2 fund to invest €50 million in 10 traveltech startups by November 2025. The fund aims to attract €35 million from institutional investors and €15 million from private investors, with €13 million already secured from private sources. Investments target Spanish or “Spanishized” companies under five years old, focusing on B2B and SaaS models, especially in areas like vacation rental and tourism digitalization. First closing: €37-40 million in November 2025.

📦 Boeing, once the world's leading aircraft manufacturer, returned from the Paris Air Show in June 2025 without selling a single plane over the event's five days. In contrast, Airbus sold 394 planes. Embraer, a Brazilian manufacturer, sold 216 aircraft, while ATR sold 25 units in the U.S. Boeing's lack of sales was partly due to announcing the sale of 303 aircraft during Donald Trump's Middle East trip in May 2025.

🛫 Etihad Airways exits Air Europa bid, leaving Lufthansa, Air France-KLM, and Turkish Airlines as contenders. Their binding offers are due by early July. Negotiations are stalled as Air France and Lufthansa seek over 29% of Air Europa, while Globalia wants to retain 51% control. Air Europa's valuation at €1 billion is deemed high, affecting talks, alongside alleged issues with state rescue funds. IAG currently holds a 20% stake.

✈️ Iberia, through its Plan de Vuelo 2030, aims for annual profitability of 13.5%-15%, investing €6 billion. 70% of this goes to fleet modernization, increasing wide-body jets from 45 to approximately 70, introducing A350, A321XLR, and possibly A330neo models. New destinations include Toronto, Philadelphia, and Monterrey. All long-haul cabins will be upgraded, and narrow-body planes will have more luggage space. Iberia plans to hire 1,000 employees annually and relocate to La Muñoza, enhancing facilities.

🏨 Millenium Hospitality Real Estate sold Fairmont La Hacienda in Cádiz, including golf courses, for €175 million to Flame Hotel and Golf Holding and Equity, managed by Activum. Despite being listed for €200 million in 2024, adjustments reduced the price to €170.16 million. Opened in February, it features 306 rooms, 47 villas, and a 1,800m² spa. The sale aims for a luxury-focused portfolio, proposing a €167.5 million dividend. The 50,009m² parcel, valued at €13.452 million, remains unsold.

🛫 Ávoris strengthens its travel agency network by acquiring Marina Sur, based on the Costa del Sol. Marina Sur specializes in cruises and has over 35 years of experience. It currently has offices in Fuengirola and Benalmádena, previously expanding to Marbella, San Pedro Alcántara, Estepona, and Málaga. Ávoris recently acquired Dit Gestión, with 800 independent sales points, a deal approved by the CNMC in February after a three-month review.

✈️ Global Airlines, led by James Asquith, faces media speculation about its closure after just four flights with their sole Airbus A380, operating at less than 20% capacity. Despite claims of success by the company, industry experts doubt its viability as a regular airline and criticize its product competitiveness. Asquith denies changing the business plan or becoming an ACMI operator, insisting they aim to become a regular airline despite current obstacles.

🚢 Naviera Armas faces a critical financial crisis, with a €50 million debt due by June 30. Moody's downgraded its rating to 'CCC' due to liquidity issues. DFDS is set to buy its Strait routes, generating 60% of operational results, for around €300 million. This deal, involving over 1.5 million summer passengers, surpasses Baleària’s offer. Control lies with JPMorgan, Barings, Cheney Capital, and Bain (94%), while Armas family retains 6%.