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Turkish Airlines has confirmed that Air Europa in Spain has accepted its offer to purchase a minority stake

Turkish Airlines announced on Tuesday that it has accepted its offer to acquire a minority stake of Spanish airline Air Europa.

In June, the Turkish flag carrier announced that it had begun non-binding discussions about a possible Air Europa investment. It then revealed earlier this month that they were in the process preparing a legally binding offer.

Turkish Airlines issued a late-night statement on Tuesday to the Public Disclosure Platform stating that Air Europa had accepted the offer. The process now moves to the preparation and commencement of the official closing procedures.

It said that the transaction involved an investment in the amount of 300 million euro ($349.38m), adding that the majority of this investment would take the form of capital increases.

Turkish Airlines also stated that the exact percentage of the minorities stakes it will acquire after technical and financial adjustments would be determined at the final stage.

Turkish Airlines stated that the process should be completed in 6-12 months, subject to the obtaining of the required permits and approvals by the relevant regulatory bodies.

Turkish Airlines' executive said that the Spanish carrier is a good fit for Turkish Airlines because of its strong presence in Latin America, the Iberian Peninsula and Latin America.

(source: Reuters)