Fusiones y Adquisiciones

✈️ Julio Martínez Sola acquired a 64.3% stake in Plus Ultra from Snip Aviation and Fly Spain, finalizing in October 2025 after starting in late 2024. SEPI approved the deal in November. Plus Ultra plans capital expansion and new partnerships by 2026. The board grew to nine members. Celebrating its 10th anniversary, Plus Ultra is expanding its Airbus A330 fleet and increasing flight frequencies.

📰 Expedia Group, on Wednesday, announced plans to acquire Tiqets, an Amsterdam-based platform, with the deal set to close by Q1 2026. Founded in 2014, Tiqets operates in over 60 countries, 1,000+ cities, and 17 languages, managing 50 million experiences. Headquartered in Amsterdam, it employs 200+ people in cities like Barcelona and London. Alfonso Paredes highlighted the acquisition's role in enhancing Expedia's travel solutions, while Tiqets CEO, Laurens Leurink, emphasized combining global reach with curated experiences.

✈ Air Europa plans to incorporate its first A350 aircraft starting in 2028. By 2033-2034, they aim to have 30 A350s, alongside 20 Boeing 787 Dreamliners. On November 18, a memorandum was signed to acquire up to 40 A350-900s. Turkish Airlines purchased 26% of Air Europa, injecting €300 million, allowing the family to repay a €475 million state rescue loan early. This strategic expansion enhances the fleet's profitability and growth.

✈️ Air Europa's partnership with Turkish Airlines involves a €300 million investment for a 26% stake. If the EU blocks the deal, this sum will convert to a three-year loan. The current interest rate would be lower than the previous 9% for a €475 million state rescue. The decision from Brussels could take 6-12 months. Despite potential setbacks, Air Europa, under Globalia, remains financially stable.

🛫 Portugal, 2024: The government aims to privatize 45% of TAP Air Portugal. Three major European airline groups submitted offers, with Lufthansa's chances low due to its centralizing tendencies. IAG finds operational synergies, while French interests push for South American expansion. The government's control intentions with TAP shares remain unclear, impacting buyer interest. A past failed privatization influences current caution. As with ITA, strategic minority stakes might interest buyers, though Portugal's future involvement is uncertain.

✈ IAG, the parent company of Iberia and Vueling, seeks to acquire 44.9% of TAP, competing with Air France-KLM and Lufthansa. They submitted an interest declaration to Parpública, the Portuguese state enterprise manager. IAG highlights TAP's potential within its decentralized model, aligning with Portugal's goal to protect TAP. CEO Luis Gallego emphasizes that investment is contingent on favorable financial conditions. The potential acquisition aligns with IAG's expansion plans.

💸 Edreams experienced a dramatic 41.27% stock drop, erasing three years of gains. Despite reporting a €31.5 million profit and doubling adjusted Ebitda to €98 million, its strategic shift and reduced Ebitda forecast to €155 million alarmed markets. Edreams plans to invest in new products, international expansion, AI, and trains, aiming for 13 million Prime users by 2030. Analysts like Oddo foresee growth from 2028, but current performance is weak. Trading volume surged 37 times, impacting shareholders like Permira.

🗺️ Air France-KLM aims to purchase 44.9% of TAP Air Portugal. The sale process, involving IAG and Lufthansa, ends on November 22. TAP's value is set at €700 million, with 5% for employees. Portugal retains 50.1% to recoup its €3.2 billion pandemic investment. TAP reported €126 million profit in Q3, €55.2 million net in nine months, 12.7 million passengers by September, with revenues of €3.281 billion. CEO Luis Rodrigues anticipates a protracted partial privatization.

✈ Air Europa, led by Javier Hidalgo, signed a memorandum with Airbus for up to 40 A350-900 aircraft. Announced at the Dubai Airshow, this marks a strategic shift from Boeing to Airbus for long-haul fleet renewal. The A350s will enhance growth in Latin American markets with unmatched performance and savings. Juan José Hidalgo, Air Europa's president, highlights this order as a key strategic milestone, emphasizing the aircraft's exceptional cabin experience and operational efficiency.

📚 La consultora PWC, colaboradora de la patronal hotelera Cehat, también trabaja con la asociación de empresarios de pisos turísticos de Barcelona, una de las más fuertes de España. PWC ha elaborado informes favorables sobre los pisos turísticos, destacando su impacto económico en Barcelona. Cehat, presidida por Jorge Marichal, tolera esta dualidad, reflejando la falta de coherencia entre los lobbies turísticos españoles, que están fragmentados y carecen de una estrategia unificada.