Globalia and Air Europa's chief executive, Juan José Hidalgo , will retain full control of the airline even though Turkish Airlines, which now owns 26% of the company .
In an interview with Europa Press during the reopening of his hotel in Santo Domingo (Dominican Republic), the Santo Domingo Bay Convention Resort, Hidalgo explained that it has not yet been determined whether the Ottoman company will have a presence on the board or what influence it would have, but he explained that it is something that does not worry him.
" I am the president, I have full authority and hold all the positions ," Hidalgo emphasized in statements to Europa Press.
He also indicated that neither Turkish Airlines nor IAG (which owns 20% of Air Europa) invested in the company "to create operational synergies," but rather because they trust in a "model company."
These investments have valued Air Europa at almost 1.2 billion euros , and Hidalgo assures that the airline "is worth it" and that this is reflected both in its structure and its profit and loss statement.
Following the deal with Turkish Airlines and the repayment of loans obtained during the pandemic, Air Europa is now starting a new phase as "a healthy company, without debt and with a very important future."
" Everything that can be planned will be from 2032 onwards ," the airline's president stated.
The airline operates a 100% Boeing fleet—787 Dreamliners and 737 MAXs—but last month signed an agreement with Airbus to purchase up to 40 A350-900 aircraft due to the long delivery times from the American manufacturer. The arrival of the Airbus aircraft, which will begin deliveries in 2028, will not increase the number of planes but will increase the number of seats.
Therefore, they still don't know "how far" the strategies with Turkish Airlines will go. They are considering the possibility of establishing a second flight from Madrid to Istanbul and another connecting both cities with Barcelona , in addition to two cargo flights, but these are still undefined points, "ideas that are being discussed and analyzed."
However, next summer it plans to launch routes to Marrakech, Tangier and Tunis, as well as Johannesburg (South Africa) , although the latter is still without a date.
Juan José Hidalgo has asserted that neither Globalia nor Air Europa benefited from taxpayer money, referring to the €475 million loan obtained by Air Europa during the Covid-19 crisis, which was fully repaid after securing investment support from Turkish Airlines.
"My son would talk to whoever he needed to. I don't know who he spoke to, but what I do know is that I signed and guaranteed that loan with my own properties."
Hidalgo has criticized the "bailout rhetoric," arguing that the money received was not a bailout, but a loan that has been repaid along with €100 million in interest, demonstrating that there was a viability plan "that has been 100% fulfilled."
"We saved it, we pulled it through, we paid back every last euro without any help or special treatment," he emphasized. He believes that when these loans were received in November 2020, the money was necessary, but not "due to poor business management," but rather "because of the governments that shut down the entire world."
On November 6, Air Europa finalized an agreement with Turkish Airlines that will allow the Turkish carrier to acquire a 26% stake in the company through a €300 million investment. This capital injection enabled Air Europa to accelerate the repayment of its €475 million loan from SEPI (the Spanish State Holding Company).
Negotiations for the deal began before the summer, under the leadership and supervision of Javier Hidalgo and his team, who coordinated the process through to its completion. This transaction values the airline at approximately €1.175 billion .
With this, the airline canceled its ordinary and participating loans with SEPI, as well as the accrued interest, totaling almost €500 million , a year ahead of schedule. In May, it had already settled the €141 million, including interest, of the bank loan received in May 2020 , with participation and guarantee from the Official Credit Institute (ICO).
"Air Europa repaid the loan in full, plus over €100 million in interest. So let it be very clear to all Spaniards that neither Globalia nor Air Europa has taken a single euro from any taxpayer. Not a single euro," as per the company president in the interview.
At that time, Air Europa explained that it was closing
"an important stage in the financial deleveraging process undertaken in recent years, confirming the success of the management strategy."
The Hidalgo family , through Globalia, will continue to be the majority shareholder of the company, while IAG will retain its current stake by purchasing shares from Globalia.
"The 475 million euros loaned by SEPI were essential not only to guarantee the full recovery of activity after the pandemic , but also to generate a very positive return on national economic activity," the airline highlights, which was able to retain its 4,000 employees and create 600 more jobs .
Throughout this period, Air Europa has paid the State approximately 70,000 euros per day in interest, totaling more than 97.2 million euros , which represents an additional 20% on the loaned capital for SEPI.
In another recent development, Air Europa suspended its flights to Caracas on November 24 and plans to keep them canceled until at least December 19, pending developments in the Venezuelan capital and the southern Caribbean. This measure follows similar actions by other European airlines—including Iberia, Plus Ultra, and TAP—which have also suspended their flights by order of Venezuela's National Institute of Civil Aeronautics (INAC).
Air Europa has acknowledged the significant economic impact of suspending its Madrid-Caracas route, which has been interrupted since late November amid escalating tensions in the southern Caribbean. Juan José Hidalgo, president of Globalia and the airline, stated that the decision “entails significant losses and many problems for passengers,” given that the route was operating at 100% capacity.
Hidalgo stated that the airline had designed a plan to prevent its crews from being stranded in Caracas, with the goal of ensuring their safety. However, he asserted that it was ultimately the State Aviation Safety Agency (AESA) that recommended against operating the route.
