Aegean Airlines is set to become Volotea’s controlling shareholder after a restructuring that will convert about €90 million of debt into equity and include a €15 million capital increase. The move would give the Greek carrier effective control of the Spain-based low-cost airline and shift governance away from Volotea’s founders as the carrier creates a new holding structure above the business.
Aegean is contributing €9.5 million to the capital increase and is reported to be heading towards a 56% stake in the new holding company. Volotea’s founders Carlos Muñoz and Lázaro Ros, together with other investors including PAR Capital, are part of the wider shareholder restructuring. Aegean first invested in Volotea in 2024 and later lifted its stake to more than 20%, building on earlier capital support of tens of millions of euros.
The transaction would deepen Aegean’s role from financial backer to strategic controller in one of Europe’s better-known independent low-cost carriers. Final terms have not been formally confirmed by Volotea, leaving the package subject to completion.