Aegean has the option to acquire 13% or 21% of the Spanish low-cost airline. What is included in the cooperation memorandum
Memorandum of Cooperation
At the same time, Aegean and Volotea have concluded a Memorandum of Cooperation for cooperation in the field of distribution and other commercial sectors, with the aim of exploiting the synergies between the two companies. In particular, the commercial cooperation will initially focus on cross-selling each other's products through their websites.
They also aim to jointly further develop and exploit the international network from/to Greek regional airports, such as Heraklion, Rhodes and Chania, to/from key European markets, such as France, Italy and Spain, in order to offer more options to customers. In addition, the two companies have agreed to make every effort to explore cooperation in the provision of MRO (Maintenance, Overhaul and Overhaul) services and flight simulator training from the AEGEAN group, covering part of Volotea's needs in these areas.
Aegean President Eftichis Vassilakis said: “Aegean and Volotea may have different operating models and products, but in many areas they complement each other and share the same customer-centric philosophy. We are investing in Volotea because we believe in the strategy and the expansion potential of Volotea's model, but also to deepen our distribution network in three very important markets (France, Italy and Spain) and join forces to provide more direct connectivity from these markets in regional airports of Greece. Carlos Muñoz and his team have done a great job building the company and its network, and we are very happy to join Volotea's other shareholders in providing the capital for its growth. We also strongly believe that in the future, as the two groups work together and understand each other's capabilities, more opportunities for collaboration and synergies will be created.”
Carlos Muñoz, founder and CEO of Volotea, said: “Today is an extremely important day for Volotea, as this capital injection marks an important financial milestone with our shareholders, and the agreement that integrates Aegean as a strategic and financial partner. We have known Aegean and its team as partners for several years and share a similar philosophy, values and vision for the unification of European airlines. We are extremely happy with this new step in our successful partnership”.
