Fusiones y Adquisiciones

✈ El Gobierno portugués ha aprobado la venta del 49.9% de TAP Air Portugal. Un 44.9% irá a inversores y 5% a trabajadores. El primer ministro, Luís Montenegro, anunció la decisión. Lufthansa, IAG, y Air France-KLM están interesados. Lufthansa planea una planta en Santa Maria da Feira en 2026, creando 700 empleos. TAP fue nacionalizada en 2021 tras recibir 3,200 millones de euros. La venta busca reducir participación estatal sin perder control.

✈️ Air France-KLM is set to increase its stake in SAS from 20% to 60.5%, purchasing shares from Castlelake and Lind Invest. Denmark’s government will retain its 26.4% stake. CEO Anko van der Werff emphasizes the strategic importance of this move for stability and integration, enhancing SAS's position. Final transaction details will depend on SAS's financial results at deal closure, pending regulatory approval.

🏢 Úbico, created by World2Meet (W2M) in March 2021, has grown into a €200 million giant within the retail division. Led by Javier Longarte, it represents about one-third of W2M's retail revenue. With 22 offices, Úbico expects over 20% growth this year. Major clients include Indra and Moeve from the Ibex35, along with ACB and the Spanish Federations of Rugby and Table Tennis. Renewed contracts include the Spanish Basketball Federation and the Spanish Paralympic Committee for four years.

🚢 Baleària, in June 2025, has made a €209 million offer for Naviera Armas-Trasmediterránea's key assets, including routes in the Mar de Alborán and Canary Islands. Meanwhile, DFDS, a Danish company, has bid €300 million for the profitable Strait routes. Competing with Baleària, Boluda, alongside Canary businessmen, offered around €150 million for Canary routes. Despite local government support, Baleària's robust proposal challenges Canary control. Baleària, already collaborating with Fred Olsen, aims to bolster its Canary presence.

🎉 El Bundeskartellamt, Alemania, autorizó a Lufthansa a adquirir un 10% de Air Baltic, una aerolínea letona. Esta participación permite influencia en la junta directiva, aunque sin requerir aprobación comunitaria. Andreas Mundt, presidente de la oficina de Competencia alemana, menciona que la operación limita mínimamente la competencia en rutas bálticas. Lufthansa planea cooperar en el alquiler de aviones. En comparación, IAG controla un 20% de Air Europa, mostrando que la influencia depende del propietario.

🏨 Hyatt Hotels Corporation will sell its entire real estate portfolio of Playa Hotels & Resorts for $2 billion to Tortuga Resort, a joint venture between KSL Capital Partners and Rodina, including 15 resorts in Mexico, the Dominican Republic, and Jamaica. Expected to close by year-end, the transaction is part of Hyatt's plan to generate $2 billion from asset sales by 2027. Hyatt retains $200 million in preferred equity, with potential additional earnings of up to $143 million.

📈 Viajes El Corte Inglés' Tourmundial saw a 39.8% sales increase in 2024, reaching €172.7 million, despite a dispute with Ávoris since mid-2023. Travelplan's growth slowed to 6.2% in 2024, totaling €257 million, down from 24.3% in 2023. Catai's sales growth dropped from 12.3% in 2023 to 1.2% in 2024, with €162.3 million in sales. The conflict began over Ávoris' breach related to the Imserso tourism program.

✈ 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.