Fusiones y Adquisiciones

✈ Lufthansa, formerly linked to Condor, used to offer low-cost feeder flights to the Frankfurt-based airline. During the pandemic, both airlines survived on state aid. On January 15, the EU instructed Lufthansa not to raise prices for Condor, citing competition concerns. Lufthansa defies the EU, arguing there's no legal basis for such an order, a stance backed by the German competition authority, and highlights Condor's flight reorganization as well as partnerships with Delta and Singapore Airlines operating from Frankfurt.

🛥 Fernando Clavijo, president of the Canary Islands, announced a potential multimillion-dollar investment by the regional government and local entrepreneurs into Naviera Armas. The shipping company is currently mainly owned by investment funds led by JP Morgan, with the Armas family holding only 6%. This move aims to bolster the strategic maritime transport essential for the Canary Islands' economic development, with particular focus on improving connections for La Palma, La Gomera, and El Hierro. The intention to sell Naviera Armas by investment funds was publicized a year ago, with Balearia expressing interest, but no deal was finalized. The regional government also plans to improve transport on El Hierro, where Fred Olsen and Armas operate.

✈ Ávoris partners with Air Europa to expand in Portugal, offering free flights (excluding taxes) from Lisbon, Porto, and Vigo to Madrid. Travelplan's program features destinations like Havana, Cancun, and Punta Cana for travel between May and October. This move counters rival W2M's operations and aims to top its €200 million Portuguese business by over 20% in 2025.

📍 Lufthansa values Air Europa at €800 million, eyeing 25% of its shares, currently owned by the Hidalgo family. In contrast, IAG previously valued Air Europa at €650 million. In early 2019, IAG's offer to buy Air Europa was €1 billion, but this was lowered post-pandemic and eventually dropped due to EU Commission hurdles. Bidders have until the end of this week to submit non-binding offers. Lufthansa has also proposed supplying Air Europa with up to 10 Boeing 787s, adding to their existing fleet of around 25 of this model. Lufthansa and Air Europa have agreed on codesharing to assess operational efficiency. The Hidalgo family aims to sell 25% of Air Europa to help repay part of the €475 million rescue debt, with Lufthansa's potential €200 million investment earmarked for this purpose.

🏠 Azulmarino acquires Spatravel in San Pedro de Alcántara, Andalucía, with the latter's business volume exceeding €3 million. Azulmarino, part of World2Meet (W2M), has established a network of about 200 sales points, including 194 stores by the end of 2024—162 owned (136 Azulmarino, 19 Grand Azulmarino, 5 Viajes Cibeles, 2 The Sphere) and 29 Azulmarino franchises, aiming for around 100 offices in three years.

🚀 Lufthansa aims to acquire a 25% stake in Air Europa, providing a €240 million boost to the Hidalgo group. This investment will help Air Europa repay €240 million of the €475 million rescue funds. The Hidalgos originally intended to sell only 20% but have adjusted their position. Lufthansa's agreement includes a wet lease for flights between Brussels and New York. Advised by Goldman Sachs, Lufthansa also negotiates to supply Air Europa with ten 787s to enhance revenue. Air Europa seeks to finalize shareholder configurations this week, with the current proposal from Air France-KLM falling short of Lufthansa's.

🏦 Ávoris, led by Juan Carlos González and Vicente Fenollar, targets international expansion in 2025, planning to establish operations in France and Morocco within the first quarter. The company imitates its strategy in Italy, where it operates with brands Travelplan and Welcomebeds. After four years of losses, Ávoris' wholesale division, under Javier Castillo, ended 2024 profitably and eyes further expansion into Latin America. Travelplan launched in Italy in January, with plans to extend from initial cities to others like Florence, Turin, and Naples. Previously, Travelplan ceased Italian operations in October 2012 due to losses.

🏨 BQ Hoteles acquired the 4-star Bahía Cala Ratjada hotel from R2 Hotels, owned by Schauinsland Reisen, which had held it since 2016. Located in northeast Mallorca, the adults-only hotel features 119 rooms, an outdoor pool with a bar and sun terrace, an indoor pool, sauna, gym, and restaurant. The addition brings BQ Hotels' portfolio to 14 establishments with 2,300 rooms, positioned 55th in the Ranking Hosteltur of large hotel chains in Spain.

🛫 Jet2, amid rising operational costs, predicts 2025 profits near market expectations at £560-570 million, against analysts' £580 million forecast. Despite this, its stock value dropped 11%. The aviation boom may be waning as travel bookings get delayed, even as tour operators increase available seats by 9-14%. Jet2's decline impacted other airlines: Easyjet lost 4.4%, IAG (including Iberia) 2.1%, Wizz Air 4.2%, and Ryanair also 2.1%. Analysts foresee a potential shift in airline stocks due to delivery delays and Jet2's switch from Boeing to Airbus.

💰 Avoris renewed its early 2024 agreement with CVC to expand in Brazil and Argentina, where they now jointly distribute circuits with Special Tours, commercialize Welcomebeds' hotel products, and offer services in the Caribbean via Welcome Incoming Services, including a new development deal for Costa Rica. Avoris and CVC's combined sales capacity exceeds €8 billion annually, boosting negotiation power, reach, and innovation in the travel sector. Over 100 hotel contracts were rapidly optimized under this global agreement, enhancing operational efficiency.