IAG, owner of Iberia and Vueling, acquired a 20% stake in Air Europa but abandoned its 2024 takeover bid due to European competition concerns. Regulators demanded IAG surrender key Spanish airport slots to prevent market monopolization. 

Lufthansa's attempt to invest in Air Europa faltered over route overlaps with its Frankfurt and Munich hubs, compounded by scrutiny following its ITA Airways acquisition. Air France-KLM, a SkyTeam ally with strong commercial ties to Air Europa, also withdrew, citing internal disagreements and IAG's involvement. 

Turkish Airlines, the sole remaining contender, is negotiating with Globalia, Air Europa's 80% owner, for a 20–25% stake. This move could expand Turkish Airlines' European presence via its Istanbul hub, leveraging minimal route competition and Turkey-Spain economic ties. Air Europa seeks capital to repay pandemic-era government loans while Globalia aims to retain at least 51% control, complicating talks. A prior €300 million offer from Air France-KLM for a 51% stake was rejected. 

Though Turkish Airlines' non-EU status may invite regulatory scrutiny, precedents like Etihad's European investments suggest feasibility. Globalia's decision is expected by summer's end, potentially reshaping Air Europa's future with fresh capital and strategic alignment, despite alliance and political challenges.