Wednesday, July 3, 2024 Lufthansa’s Group gains EU approval to acquire a 41% stake in ITA Airways for 325 million euros, paving the way for full acquisition by 2025, pending further approvals. Lufthansa Group, the Italian Ministry of Economy and Finance (MEF), and ITA Airways have expressed their approval of the European Commission’s competition law clearance. This approval paves the way for Lufthansa to acquire a 41 percent minority stake in ITA Airways (Italia Trasporto Aereo S.
p.A.) and eventually take over the remaining shares.
This deal, which involves a capital contribution of 325 million euros agreed upon in May 2023, will be executed through a capital increase. The transaction is anticipated to finalize in the fourth quarter of 2024, contingent upon the implementation of EU Commission-negotiated remedies and approvals from other global competition authorities. Options for purchasing the remaining ITA Airways shares, to be exercised from 2025, have been agreed between Lufthansa Group and MEF.
Upon finalizing the deal, ITA Airways will join Lufthansa Group as the fifth network airline while maintaining its brand identity. ITA will leverage Lufthansa Group’s established multi-hub, multi-airline, and multi-brand framework, benefiting from synergies in global sales, the Miles & More loyalty program, and procurement of aircraft and fuel. This acquisition will bolster ITA Airways’ economic position, establishing Italy as Lufthansa Group’s fifth “home market” an.
