Turkish Airlines (THY) is reportedly working on a plan to acquire full ownership of SunExpress as part of its growth strategy. However, the company’s current partner, the Lufthansa Group, appears reluctant to sell its stake in the joint venture.
According to Turkish sources cited by Corriere newspaper, the Istanbul-based airline aims to purchase Lufthansa’s 50% share in SunExpress. Yet, the German side is resisting the sale, confident in the airline’s strong performance and high potential.
SunExpress’s Financial Success: Record Growth Figures
Antalya-based SunExpress closed 2024 with robust financial results, reporting $2.2 billion in revenue, $195 million in EBITDA (earnings before interest and taxes), and $164 million in net profit.
The airline served 15 million passengers throughout the year and aims to expand its fleet from 88 aircraft to 150 by 2033.
SunExpress currently operates Boeing 737, 737 MAX, and Airbus A320 models and holds firm orders for 45 aircraft with options for an additional 45.
According to sources, SunExpress’s total market value is estimated at around $2.5 billion.
This means Turkish Airlines would have to pay at least $1.25 billion to acquire Lufthansa’s shares. While the German side declined to comment on the claims, Turkish Airlines has also not responded to inquiries.
Turkish Airlines’ Strategic Goal: Integration and Expansion
Turkish Airlines seeks to gain full control of SunExpress to strengthen its tourism and connectivity network between Europe and the Middle East.
Sources indicate that the company plans to create regional synergy by integrating its AJet brand with SunExpress.
As Ankara–Damascus relations normalise under the new government, the reopening of Syrian airspace could provide Turkish-based airlines with significant route advantages. THY reportedly intends to leverage this development to expand SunExpress’s network.
A New Move in Europe: Investment in Spain
Turkish Airlines’ expansion plans extend beyond Turkey. The company is preparing to acquire a 26% stake in Spain-based Air Europa for approximately €300 million.
Air Europa holds a strong position in the South American market and counts the IAG Group (British Airways, Iberia, Aer Lingus, Vueling) among its shareholders.
