Lufthansa concluded the 25 May an agreement with the Italian Ministry of the Economy and Finance for the acquisition of a minority stake in Italian ITA Airways. Following a capital increase of 325 million euros, Lufthansa to acquire a 41 % stake in ITA.
Under the agreement, the The Ministry is also committed to increasing ITA's capital by 250 million euros. In addition, the Ministry and Lufthansa are placing options for a potential acquisition of the remaining shares by Lufthansa at a later date. The agreement is expected to be finalised shortly. The competent authorities must then validate this minority shareholding.
New synergies
After validation, ITA Airways and the Lufthansa Group are expected to begin commercial and operational cooperation immediately.. ITA Airways will become the fifth network carrier in the multi-brand system and multi-hub of the Lufthansa group. Italy is the largest market outside the Group's home countries and the United States.
Carsten Spohr, Chairman and CEO of Deutsche Lufthansa AGsaid: " Today's agreement will result in a win-win situation for Italy, ITA Airways and the Lufthansa Group. This is good news for Italian consumers and for Europe, as thehe strengthening of ITA will stimulate competition on the Italian market. With a modern fleet and an efficient and expanding hub in Rome, ITA fits perfectly into the Lufthansa Group. In Milan, ITA serves a strong catchment area which also offers growth potential. As part of the Lufthansa Group, ITA can become a sustainable and profitable airline, linking Italy to the world. At the same time, this investment will enable us to continue to grow in one of our most important markets." .
ITA Airways carries over 10 million passengers a year and operates a modern fleet of 66 Airbus aircraft. The Rome hub is ideally located to strengthen the Group's position in Africa and Latin America. At Fiumicino, ITA serves 64 destinations - 21 national routes, 33 international routes and 10 intercontinental routes.
