Lufthansa has announced that it has signed an agreement with the Italian Ministry of Economy and Finance to acquire a 41% stake in Italian national carrier ITA Airways through a capital increase of €325million (R6,85bn).
As part of the agreement, the Italian Ministry has also committed to a capital increase of €250m (R5,27bn) into ITA.
Both parties have agreed on options to enable a potential acquisition of the remaining shares by Lufthansa at a later date. The purchase price for these will be based on the business development of ITA Airways.
The acquisition is subject to approval by the relevant authorities. Upon the closing of the transaction, ITA and Lufthansa are expected to immediately start co-operating at commercial and operational levels.
Lufthansa CEO, Carsten Spohr, said: “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. In Milan, ITA serves a strong catchment area that also offers potential for growth. As part of the Lufthansa Group family, ITA can develop into a sustainable and profitable airline, connecting Italy with Europe and the world.”
ITA will remain a standalone airline with its own management and brand identity in line with the group’s multi-hub, multi-brand and multi-AOC strategy. The Italian carrier will access the group’s partner network, central revenue management and use of global sales and marketing channels.
