Lufthansa to buy 40% of ITA Airways for 250-300 million euros

Lufthansa is set to buy 40% of ITA Airways from the Italian Treasury for between 250 and 300 million euros, sources said on Thursday.

The memorandum for Lufthansa’s acquisition of a minority stake signed by the Treasury and the German airline sees it buying between 20% and 40% of ITA, the sources said.

Negotiations between the Treasury and Lufthansa are “proceeding well” the sources said, adding that the aim is to “sign the preliminary sales agreement as soon as possible” in order to have “the approval of the European Commission quickly”.

Lufthansa is set to come in on an operation level by the summer, the sources said.

They added that the Italian government wants “Lufthansa to take operative control as soon as possible so that ITA can benefit from the synergies of the group as soon as possible”.

They said the European Commission is set to give the green light to the deal, as it can hardly do otherwise having asked the Italian State to sell the airline.

The sources also said that ITA will not become a feeder of passengers to Lufthansa’s hubs in Frankfurt and Munich, which would see the latter getting the business for the more profitable long-haul connections to North America.

“Italian passengers will be able to continue to fly to the United States directly from Italy with ITA,” the sources said.

ITA replaced loss-making former flag-carrier Alitalia in 2021, with the State taking full ownership.

Via ANSA