Lufthansa agrees to buy ITA Airways stake

Lufthansa agrees to buy ITA Airways stake

Sunday, 26 May, 2023 0

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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TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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