Turkish Airlines is selling its stake in Air Albania, according to a statement issued by the flag carrier to Borsa Istanbul.
“Our board of directors decided to sell all of the shares in Air Albania SHPK, in which our company holds a 49 percent stake,” Turkish Airlines said.
The company did not provide further details about the divestment but noted that “any developments will be shared with our investors.”
Earlier this month, Turkish Airlines signed an agreement to acquire a minority stake in Spain’s Air Europa, marking a significant step in its strategy to expand its global footprint and strengthen its presence in Latin America.
The deal now awaits approval from the relevant regulatory authorities, a process expected to take six to 12 months, the flag carrier said on Nov. 6.
The transaction involves an investment of 300 million euros, a vast majority of which will be in the form of a capital increase.
Following technical and financial adjustments at closing, the airline expects to secure a 25 percent to 27 percent stake in Air Europa.
