Turkish Airlines recently won a minority stake in Spanish airline Air Europa by accepting shared control of the company with the Hidalgo family, outmaneuvering Lufthansa and Air France-KLM, both of which were seeking a path to control. This deal, which included around €300 million in convertible debt for a stake of roughly 25-27%, is relatively unusual for non-EU airlines but aligns with overarching European Union ownership rules and gives Turkish Airlines a strategic foothold on the Iberian Peninsula.