According to the announcement, the initial investment of 25 million euros is made with the joint participation of Aegean with the existing shareholders of Volotea in a capital increase of up to 50 million euros through the issuance of a convertible financial instrument (loan) with the right to participate in the profits.
Subject to specific conditions, mainly related to Volotea’s financial performance in 2024, a second disbursement of the financial instrument may be made, in the second quarter of 2025, of up to 50 million euros, in which Aegean will also participate with funds totaling 25 million euros.
Therefore, the total capital increase may amount to up to 100 million euros, with Aegean’s participation reaching 50 million. In the event that the initial participation of Aegean’s first disbursement is converted into shares, then its investment will be equivalent to a 13% in Volotea, while in the event that the second tranche is disbursed and later converted into shares, then the total percentage of Aegean in Volotea will rise to 21%.
At the same time, Aegean and Volotea signed a Memorandum of Cooperation to explore new cooperation opportunities in distribution as well as in other commercial areas. The commercial cooperation will initially focus on the availability of one carrier’s products from the other’s website, as well as 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.
Finally, the two companies agreed to make every possible effort to cooperate in the areas of providing maintenance services as well as crew training in order to cover part of Volotea’s needs from the Aegean Group.
