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Lufthansa agrees to buy ITA Airways stake
Flag carrier Lufthansa has inked a deal to acquire a 41% stake in Italy based ITA Airways.
The deal is worth about €325m.
Lufthansa CEO Carsten Spohr finalised talks with Italian Economy Minister Giancarlo Giorgetti in Rome.
“Today’s agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group – a stronger ITA will invigorate competition,” Spohr said.
The Lufthansa Group will take an active role in the airline’s management and will name a CEO once the transaction is completed.
Lufthansa will inject the €325m directly into ITA.
The Italian government will contribute with a further €250m for ITA.
ITA is the relatively new successor to Italy’s previous state-owned incarnation Alitalia.
Alitalia, took to the air in 2021 as a state-owned company.
ITA was nearly €500m in the red last year last year due to Covid effects and rising fuel costs.
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