Türk Hava Yollari Anonim Ortakligi (IBSE:THYAO) has announced that it will withdraw from its partnership with Air Albania, stating that its board has approved the sale of the carrier's entire 49% stake in the airline. The decision was disclosed in a filing to Borsa Istanbul. While no timetable or financial details of the sale were shared, the company assured investors that updates would be provided as the process moves forward.
The other two current investors in Air Albania include MDN Investment (41%), which was instrumental alongside Turkish Airlines in setting up the carrier in 2018, and state-owned Albcontrol (10%). The move by Turkish Airlines to exit the Albanian counterpart comes as it pursues new opportunities in Europe. Earlier in November, the flag carrier signed a deal to acquire a minority interest in Spain's Air Europa, a transaction valued at EUR 300 million, largely through a capital increase.
