Air Europa, a Spain-based carrier, has accepted a €300 million (about US$352 million) offer from Turkish Airlines for a minority stake. Turkish Airlines said the exact percentage of the stake would be determined following the closing. The process is expected to be complete within six to 12 months, subject to obtaining the necessary permits and approvals from regulatory authorities.

Earlier this month, Turkish Airlines said it was preparing a binding offer for a share in Air Europa with the hopes of expanding its network into Spain and Latin America. The move comes after European aviation groups Lufthansa and Air France-KLM both abandoned plans for a stake in the Spanish carrier. British Airways’ parent IAG, which already has a 20% stake in Air Europa, also backed out of plans to take a majority share in the carrier last year after multiple failed attempts.

Air Europa’s strong transatlantic network gives Turkish Airlines a shortcut into Latin America, a region traditionally hard to reach from Istanbul. Turkish can now tap into destinations like São Paulo, Buenos Aires, Lima and Bogotá — some of which Air Europa serves directly.