Fusiones y Adquisiciones

📈 Parpública invited IAG, Air France-KLM, and Lufthansa to submit non-binding proposals for TAP's reprivatization. Starting January 2, 2026, this second phase allows 90 days for submissions. Portugal plans to sell up to 49.9% of TAP, with 44.9% open to investors and 5% to employees. The government aims to receive proposals by Q1 2026, evaluating financial, technical, and strategic plans, before a third phase for binding offers. TAP is fully state-owned post-2021 restructuring.

✈️ Airbus secures a major deal selling 85 A320 aircraft to Chinese companies at year-end. Spring Airlines plans to acquire 30 A320s for $4.13 billion, with delivery scheduled from 2028 to 2032. Juneyao Airlines is set to purchase 25 A320s under similar terms. China Aircraft Leasing Group (CALC) committed to 30 A320neos, with deliveries extending to 2033. This Tuesday's agreement includes potential model swaps before delivery.

✈️ Air Nostrum amortizó 20 millones de euros del total de 111 millones recibidos del FASEE, gestionado por la SEPI, tras solicitar un crédito en 2021. En 2024, pidieron reestructuración y obtuvieron una moratoria a principios de año. El FASEE, que movilizó 2.681 millones a 28 empresas, ha recuperado 1.708 millones. Desde julio de 2022, diez compañías, incluyendo Air Europa y Hotusa, han cancelado sus préstamos.

🛩 Air Nostrum, December 2024: In Valencia, Air Nostrum repaid €20 million of a €111 million loan from SEPI, reducing its principal balance to €91 million. The airline also paid €809,550 in interest. Approved on May 31, 2022, the full repayment is due by 2028. During the pandemic, Air Nostrum secured an additional €133 million in ICO-backed loans, repaid €75 million in principal, and €23.6 million in interest, totaling €140.2 million in financial obligations.

✈ IAG ends 2025 leading airline revaluation with a 40% increase, reaching a value of €18 billion. Delta and United trailed with increases of 17% and 8.4%, respectively. IAG's 2025 revenues were €25 billion, up 5% from 2024. Profits surged 18% to €3.9 billion, with post-tax profits at €2.7 billion, up 20% per share. The group's debt decreased from £17.34 billion in 2024 to £14.7 billion.

💵 Pakistán vendió el 75% de Pakistan International Airlines (PIA) por 482 millones de dólares al consorcio liderado por Arif Habib. Airblue ofreció 94 millones, y Lucky Cement 409 millones. La venta fue difícil debido a la pandemia. El gobierno mantiene el 25% restante y sólo recibirá una mínima parte del importe, ya que el resto se reinvertirá en PIA, que enfrenta serios problemas. El futuro de PIA depende del consorcio financiero adquirente.

✈️ María Jesús Montero, Spain's First Vice President and Finance Minister, approved the state bailouts of Air Europa and Plus Ultra, as noted in documentation reviewed by the Tribunal de Cuentas. The process began on April 3, 2024, with the tribunal's draft report, and SEPI's observations followed on April 15. The final report, led by Enriqueta Chicano, concluded the bailouts adhered to regulations, supporting the government's actions.

🗺️ Javier Hidalgo led Turkish Airlines' acquisition of a 26% stake in Air Europa, aiding in state loan repayment. Richard Clark is the new CEO of Air Europa. Michael O’Leary critiqued Spanish airport charges. José Luis Ábalos faces legal issues linked to Air Europa's bailout. Gabriel Escarrer expanded Meliá Hotels. Fernando Grande-Marlaska was criticized over travel agency regulations. Significant leadership changes included Guillermo Vallet, Santiago Vallet, Rafael García Garrido, Guillermo González Vallina, James Bilefeld, and David Vidal.

✈ In 2025, Boeing sold around 1,000 aircraft, outpacing Airbus's 797 sales. After cancellations, Boeing secured over 900 contracts, versus Airbus's 707. Airbus delivered 657 planes, exceeding Boeing's 537 deliveries. Boeing, recovering from a crisis since 2019, shows signs of regaining leadership despite production limits of 38 monthly 737s. Airbus's delivery superiority, less than expected, was hindered by supply chain issues. The gap in deliveries remained under 100 aircraft.

📈 Ávoris has expanded significantly, controlling about one-third of the market in the past five years. In summer 2023, Ávoris acquired Gea, and by February 2024, it purchased Dit Gestión, adding approximately 1,500 sales points. Despite this, independent travel groups like Airmet, Nego, and Avasa have claimed no negative impact, with leaders stating they maintain growth and value independence, emphasizing their unique propositions and sustainability post-2020.