Lufthansa Group Submits Offer to Acquire a Minority Stake in ITA Airways
The Lufthansa Group has today announced their intention to acquire a minority stake in ITA Airways, as well as maintain the option to purchase the remaining shares at a later date.
On Wednesday (January 18, 2023), Deutsche Lufthansa AG announced that they have submitted an offer to the Italian Ministry of Economy and Finance to conclude a Memorandum of Understanding (MoU) for an acquisition of a minority stake in Italian state-owned carrier ITA Airways. The proposal would also allow the Group to acquire the remaining shares of the Italian carrier at a later date. Contingent on both parties signing the MoU, further negotiations and discussions would be conducted on an exclusive basis. The negotiations would focus primarily on the form of a possible equity investment, the commercial and operational integration of ITA Airways into the Lufthansa Airline Group, and the benefit of resulting synergies. Any binding agreement will remain subject to approval by the relevant government regulatory authorities.
Italy is Lufthansa Group’s most important market outside of its home markets and the U.S. Italy’s strong export-oriented economy, and status as one of Europe’s most popular tourist destinations, makes the country an important market for both business and leisure travel.
Italia Trasporto Aereo (ITA Airways) was founded in November 2020 and is the new Italian national carrier wholly-owned by the Italian Ministry of Economy and Finance. Commencing operations in October 2021, the SkyTeam alliance member airline is committed to providing superior customer service through strong digitization processes that ensure a personalized, best-in-class guest experience. The company is committed to environmental sustainability through the operation of advanced fuel-efficient aircraft, the use of sustainable aviation fuels (SAF) and other developing technologies such as the development of urban air mobility through eVTOLs.
Source(s): Lufthansa, ITA Airways