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Air Europa seeks investment. Latin America network is the main attraction

Analysis

Air Europa is seeking funds to repay COVID-era government loans of EUR475 million.

It could do this by taking out new debt and/or by issuing new share capital. This process could lead to another airline investing in Air Europa, in which IAG has a 20% stake.

IAG was prevented from taking full control by the EU's competition regulator last year, but Air France-KLM, Lufthansa and Etihad Aviation Group are reported to be on the list of potential investors.

Air Europa's parent company, Globalia, and the Hidalgo family that controls it, plans to retain a majority holding, but a future airline investor would likely seek a closer commercial and operational relationship with the Spanish airline.

This report presents a snapshot of the Air Europa that investors will be considering.

Its Latin America network is likely to be the main attraction.

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