Aegean Airlines Invests €25 Million in Volotea

Aegean Airlines has revealed a strategic investment of €25 million in Volotea, a prominent low-cost carrier headquartered in Barcelona, Spain. This investment forms part of a larger capital increase of up to €50 million, shared with Volotea’s existing shareholders, through a convertible financial instrument with profit participation rights.

Depending on Volotea’s financial performance in 2024, a second leg of the financial instrument could be disbursed in the second quarter of 2025, again reaching up to €50 million, with Aegean contributing another €25 million. Consequently, the total capital injection could reach €100 million, with Aegean’s total investment amounting to €50 million. Should the initial investment be converted into shares, Aegean would hold a 13% stake in Volotea. If the second tranche is also deployed and converted, Aegean’s share in Volotea could increase to 21%.

In addition, Aegean and Volotea have signed a Memorandum of Cooperation to explore commercial partnerships. Initially, this collaboration will focus on cross-availability of each airline’s products on their respective websites and optimizing the use of regional airports in Greece, like Heraklion, Rhodes, and Chania, connecting these to key European markets in France, Italy, and Spain.

The airlines are also committed to jointly endeavor to meet Volotea’s maintenance and crew training needs through resources available from Aegean.

Aegean’s Chairman, Eutychios Vassilakis, stated: “Despite different business models and product approaches, Aegean and Volotea share a customer-centric philosophy. Our investment in Volotea aligns with our confidence in its strategy and growth potential while expanding coverage in crucial markets like France, Italy, and Spain, and enhancing connectivity for Greece’s regional airports.”

Carlos Muñoz, the founder and CEO of Volotea, commented, “Today’s capital boost represents a significant milestone achieved with the backing of our shareholders and Aegean’s investment. Our longstanding collaboration with Aegean reflects shared values and vision within Europe’s aviation sector, and we look forward to a successful partnership.”

About Volotea: Founded in 2011 by Carlos Muñoz and Lázaro Ros (also founders of Vueling), Volotea is among Europe’s fastest-growing airlines. It boasts a network covering 110 airports with bases in 22 European cities and has surpassed 60 million passengers lifetime. Operating nearly 450 routes, Volotea offers exclusive connections with about 80,000 flights scheduled annually. It employs approximately 2,100 people and operates 44 aircraft, primarily Airbus A319 and A320 models. The airline has received accolades as the “Best Low-Cost Airline in Europe” from Skytrax in the World Airline Awards and has been recognized multiple times at the World Travel Awards.

Source: GCT–Bill Kouras