Lufthansa Group reaches agreement for 41% minority stake in ITA Airways

Lufthansa Group reached (25-May-2023) an agreement with Italy's Ministry of Economy and Finance (MEF) to acquire a minority stake in Italia Trasporto Aereo (ITA Airways). Lufthansa will obtain a 41% stake in ITA through a EUR325 million capital increase, with the option to enable a potential acquisition of all remaining shares at a later date. The purchase price for the remaining shares would be based on the business development of ITA. MEF has also committed a EUR250 million capital increase in ITA as part of the agreement. Finalisation of the agreement is subject to approval by the relevant authorities and is expected to be completed shortly. ITA will become the fifth network carrier in Lufthansa Group's multi-brand and multi-hub system, acting as a standalone airline with its own management and brand identity. Lufthansa Group CEO Carsten Spohr stated: "Today's agreement... is good news for Italian consumers and for Europe, because a stronger ITA will invigorate competition in the Italian market. As a young company with a modern fleet, and with its efficient and expanding hub in Rome, ITA is a perfect fit for Lufthansa Group". [more - original PR]