Aegean has announced a €25 million investment in Volotea, one of Europe's leading low-cost carriers based in Barcelona, Spain.
According to the announcement, Volotea started operations in 2012 and operates from 22 bases, mainly in France, Italy, and Spain, serving more than 450 routes, focusing mainly on seasonal, smaller routes and leisure markets that had no previous direct coverage and where it offers new connections.
In 2023, it carried 10.3 million passengers with a fleet of 41 Airbus A320/A319 aircraft. Bases in the French, Italian, and Spanish markets account for around 90% of its total business, with the Greek and German markets making up the remaining 10%.
The initial investment of €25 million is being made through the joint participation of AEGEAN and Volotea's existing shareholders in a capital increase of up to €50 million through the issuance of a convertible financial instrument (loan) with profit participation rights. Subject to certain conditions, mainly related to Volotea's financial performance in 2024, a second disbursement of this financial instrument in the second quarter of 2025 of up to €50 million may be made, in which AEGEAN will also participate with an amount of €25 million. If AEGEAN's initial participation of the first tranche is converted into shares, then its investment will be equivalent to a 13% stake in Volotea, while if the second tranche is disbursed and subsequently converted into shares, then AEGEAN's total stake in Volotea will be 21%.
At the same time, AEGEAN and Volotea signed a Memorandum of Understanding to explore new opportunities for cooperation in distribution as well as in other commercial areas, with the aim of making the most of the synergies between the two companies. Specifically, the commercial cooperation will initially focus on the distribution of the products of one carrier through the other's website, as well as on the further exploitation of the international network from/to the regional airports of Greece, such as Heraklion, Rhodes, and Chania, to/from key European markets such as France, Italy and Spain, in order to offer more choices to passengers with the more efficient use of the resources and investment of both companies. Finally, the two companies agreed to make every effort to cooperate in the areas of Maintenance Services as well as Crew Training to cover part of Volotea's needs from the AEGEAN Group.
STATEMENTS
AEGEAN's Chairman of the Board of Directors, Mr. Eftichios Vassilakis, said. We are investing in Volotea because we believe in the company's strategy and growth prospects, but we are also aiming to strengthen distribution and coverage of important markets (such as France, Italy, and Spain) and the ability to offer direct connections to Greece's regional airports. Mr. Carlos Muñoz and his team have done an excellent job in consolidating the company and its network and we are very pleased to participate with existing shareholders in this investment by providing capital for the further development of the company. We are also confident that more synergies can be created in the future as the two teams work together and realise their potential."
Volotea founder and CEO Carlos Muñoz said, "Today is a very important day for Volotea, as the capital injection marks an important financial milestone for us, achieved with the support of our shareholders and the investment of AEGEAN. We have known and worked with AEGEAN and its team for many years now and we share the same philosophy, values and vision towards the European aviation industry. We are very happy about this new step and look forward to a successful cooperation."
