Lufthansa buys 41% stake in ITA

Lufthansa buys 41% stake in ITA

German airline Lufthansa (Deutsche Lufthansa AG) has agreed with the Italian Ministry of Economy (Ministero dell’Economia e delle Finanze, MEF) to acquire a 41% stake in ITA Airways – the Italian national carrier – for EUR 325 million. This should be done by increasing the capital of the company. MEF also decided to increase ITA’s capital by EUR250 million. The new capital is to cover the carrier’s losses for 2022, amounting to EUR 486 million.

The acquisition of minority shares by the German service provider is subject to approval by the relevant authorities, which should take place within a few weeks. The option provides for Lufthansa to buy the remaining 59% of the shares in the future. The price of this transaction will depend on the speed of development of ITA.

ITA Airways will become the fifth carrier within the Lufthansa Group. They will remain an independent airline and its management. This is in line with the current strategy of the Lufthansa Group.

Founded in November 2020, ITA Airways, based in Rome, currently employs around 4,000 people. The airline serves more than 10 million passengers a year, using a modern fleet of 68 Airbus aircraft (4 A220s, 50 A320s, 8 A330-200s and 6 A350-900s, ITA Airways took delivery of 3 A320neo, 2023-03-06 ). The hub in Rome is ideal for network development towards Africa and South America. Currently, ITA serves 64 destinations, including 21 domestic, 33 international and 10 intercontinental routes.

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