AEGEAN has announced a €25 million investment in Volotea S.L., one of Europe’s leading low-cost carriers based in Barcelona of Spain, through a convertible bond that, if implemented, will represent 13% of the Spanish company’s share capital.
Volotea was launched 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 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 the right to participate in the profits. 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 and other commercial sectors, with the aim of exploiting more effectively 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, 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.
AEGEAN’s Chairman of the Board of Directors, Mr.Eftihios Vassilakis said: “AEGEAN and Volotea have different business models and product philosophies but to a large extent they operate complementarily and share the same customer-centric philosophy. We are investing in Volotea as we believe in the company’s strategy and growth prospects, but 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.”
Key Volotea facts
Volotea was founded in 2011 by Carlos Muñoz and Lázaro Ros, who were also founders of Vueling. Volotea, over the last decade, has been one of the fastest growing airlines in Europe, gradually increasing each year the fleet, the destinations covered by its network and the capacity offered. This year, the airline celebrated the important milestone of 60 million passengers across its network, cumulatively since its inception. Its route programme covers a network of 110 airports and maintains bases in 22 destinations in medium-sized European cities. This year, Volotea operates nearly 450 routes (more than half of which are covered on an exclusive basis), offering around 12.5 -13.0 million seats (+12% to +16% more than in 2023), operating around 80,000 flights.
The airline operates a fleet of 44 Airbus A319 and A320 aircraft and employs around 2,100 people. Volotea was awarded 4 stars in 2024 and was recognised by Skytrax as the “Best Low Cost Airline in Europe” in the World Airline Awards, Global Passenger Satisfaction Survey 2023 and 2024. The airline adds these accolades to its growing list of achievements, which includes consecutive accolades as “The Top Low Cost Airline in Europe” at the World Travel Awards in 2021, 2022 and 2024.
