The pool of investors for Air Europa narrows further. Lufthansa has officially announced that it does not intend to continue negotiations for the acquisition of an equity stake in the Spanish carrier. The decision leaves Turkish Airlines (see AVIONEWS) as the sole potential buyer remaining in the field, after Air France-KLM also withdrew and a previous offer from IAG was rejected.

A Lufthansa spokesperson confirmed the news, telling "Bloomberg" that, after careful analysis and intense negotiations, the airline has decided "at this stage, not to proceed with capital injection and equity participation in Air Europa".

The search for new investors began in January, when Air Europa commissioned PJT Partners to find new capital to cover a debt of 475 million euros accumulated during the pandemic. Since then, interest from several industry giants has fueled speculation about a future restructuring of the company (see AVIONEWS 1 and 2).

IAG, which already holds a 20% stake in Air Europa, has adopted a cautious approach. Its participation is described as "financial", and the company has stated it will consider any future measures only if they "make economic sense".

Meanwhile, Turkish Airlines, which last June had already expressed a "non-binding" interest, has confirmed that it is still in talks with Air Europa to evaluate an investment opportunity and possible synergies. With Lufthansa's withdrawal, the Turkish flag carrier now finds itself in a privileged position for a potential deal that could redefine the balance of air transport in Europe.