Fusiones y Adquisiciones

🏦 Italian travel group Alpitour, which includes a tour operator, an airline, and several hotels, was up for sale by the Tamburi family, who own over 60% of the company. Andrea Rubén Levi holds approximately 36%. Despite considering a sale due to pandemic struggles, a significant revenue increase to €2.1 billion in 2024 made the sale less urgent. Tamburi did not sell but instead acquired up to 95% of the company after Levi received an offer from shipping giant MSC.

✈ Lufthansa's partnership with ITA Airways is likened to an adoption, set to formalize on January 13. ITA's loyalty program with 2.7 million members merges with Lufthansa's Miles & More, which has 36 million, achieving near-total integration from March 30. ITA travelers gain access to Lufthansa's 130 VIP lounges worldwide this summer, with immediate operational integration in Frankfurt and Munich. Code-sharing commences shortly, alongside schedule coordination in Frankfurt and Munich, benefitting Lufthansa. ITA will exit SkyTeam, home to Air France, on April 30 and join Star Alliance, where Lufthansa is a leading member, by early 2026.

✈ In Mallorca, a seasoned aviation manager noted the industry's irregularity and instability, highlighted by events like pandemics, fuel price hikes, wars, or aircraft model issues, like those faced by Wizz Air. Investing €10,000 in an airline's stock five years ago would result in a 60% loss today, valued at less than €4,000. This is exemplified by Easyjet, a top-performing European airline with all planes operational, yet still exemplifying the sector's volatility with a 60% value loss over five years.

💸 In winter, among European short-haul airlines, Ryanair (over 500 planes) earns money, while Easyjet (300 planes) reduces losses to 61 million, half of last year's. Wizz Air (200 planes) reports shocking losses of 241 million euros in the last three months of 2024, over 2.5 million daily. This contrasts with a 105 million loss in the same period the previous year. Wizz Air's shares initially fell 16% but later recovered to 5% below pre-announcement levels. Analysts highlight 201 million lost due to currency changes, questioning CEO Jozsef Varadi's management amidst ongoing losses since the pandemic.

🛫 Air Europa seeks partners to settle a debt due in 2026 by selling 20% of the company, without giving up control. Family Hidalgo, owning 80%, wants €240 million from the sale and a €235 million loan to pay off €475 million SEPI debt. Air France-KLM and Lufthansa are interested buyers, with Société Générale and PJT Partners as advisors. Negotiations stalled due to the Hidalgos' refusal to relinquish majority ownership.

✈ Tim Clark, Emirates' president, urges Airbus to reconsider restarting production of the A380, which ceased in March 2021. He suggests Airbus could create a new version of the superjumbo if airlines placed orders. Clark claims a modernized A380 could reduce fuel consumption by 25% and is vital for easing airport congestion. Emirates, owning 118 A380s and expecting to reach 123 soon, holds nearly half of the 251 A380s produced.

🎰 On January 31, Catalonia's Parliament passed a law revoking fiscal benefits granted in 2014 to the Hard Rock hotel and casino project in Vila-seca and Salou, with 72 votes in favor. The resort now faces a 55% gambling tax instead of the planned 10%, questioning its viability. An American Eagle plane with 64 on board collided with a Black Hawk helicopter over the Potomac River, with no survivors; an air traffic control error is under investigation. The EU is probing the legality of a €179 million fine imposed by Spain on airlines Ryanair, Vueling, EasyJet, Norwegian, and Volotea for charging extra for hand luggage and adjacent seat reservations, with Spain given ten weeks to respond.

📈 HBX Group, aiming for a stock market debut with a public offering in Madrid, Barcelona, Bilbao, and Valencia, plans to raise €725 million in new shares and sell €25 million in existing shares, totaling up to €750 million. Indicative price per share is set between €10.50 and €12.50 for a market capitalization of €2.66 to €3.03 billion. The final price will be determined after demand assessment by February 10, with trading expected to start on February 13, 2025. Current shareholders, including Canada Pension Plan Investment Board and funds managed by Cinven and EQT, will offer up to 2 million shares to qualified investors. BofA Securities will possibly buy up to 15% more shares within 30 days post-launch. HBX Group owns travel platforms like Hotelbeds, operates in over 170 countries.

✈️ Boeing confirmed Lufthansa will be the first airline to introduce the new 777X model, the largest twin-engine plane ever built. Initially expected to debut with Emirates, the launch was reassessed during Boeing's Q4 earnings call by CFO Brian West. Despite seat certification challenges for Lufthansa's orders, Boeing aims to deliver the first 777X in 2026. Lufthansa has ordered 27 units, while Emirates remains the largest buyer with 205 aircraft on order.

✈ Pakistan International Airlines (PIA) resumes direct flights to Barcelona following the lift of the European Union Aviation Safety Agency's (EASA) ban imposed in 2020. Flights from Islamabad, Lahore, and Sialkot to Barcelona, paused five years ago after a Karachi air crash raised safety concerns, are set to restart in the coming weeks. The ban had caused an estimated $150 million in annual losses. PIA recently announced its return to Paris and nearly faced bankruptcy at the end of 2023.