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Five people were on board the helicopter, two of them minors, and they were all likely to be Germans, the Balearic Islands government said on Twitter.
Two adult Spaniards were in the small plane. All the people on board the two aircraft were killed.
The cause of the accident was not yet known. Emergency services were notified of the crash at 1.35pm (local time) in the municipality of Inca.
"My solidarity and love for the families of the victims that lost their lives in this tragic accident," Spanish acting Prime Minister Pedro Sanchez tweeted.