Greek carrier Aegean Airlines has purchased a 13% stake in Spanish low-cost airline Volotea for €25 million, with an option to increase its share to 21%, marking a significant move in the ongoing consolidation of the European aviation market.
The deal, which follows a three-year partnership between the two airlines, reflects a broader industry trend of full-service carriers investing in budget airlines to expand their market reach and route networks.
Efthymios Vassilakis, Chairman of Aegean Airlines, described the investment as strategic, aligning with the industry’s renewed focus on consolidation post-pandemic. He emphasised that the two airlines would continue to operate independently.
This move mirrors similar strategic partnerships in Europe, such as Lufthansa’s involvement with Alitalia and Air France’s recent acquisition of a 20% stake in SAS.
Industry experts suggest that the trend towards low-cost operations is likely to persist. Charis Papacharalambous, President of the Association of Cyprus Travel Agents, noted that even traditional carriers are adopting cost-cutting measures to remain competitive.
The Aegean-Volotea partnership is expected to boost inbound tourism to regional areas in Greece, leveraging Volotea’s connections to smaller European cities.
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