For $348M, Lufthansa purchases 41% of ITA Airways.
According to a statement released on Thursday, the Italian Finance Ministry and Germany’s Lufthansa Group have agreed to buy the 41 percent interest in Italian flag carrier ITA Airways.
According to a statement by Lufthansa, the acquisition is worth 325 million euros ($348.5 million).
According to the announcement, the ministry agreed to invest 250 million euros ($276) more in ITA as part of the agreement.
According to the statement, “ITA will work closely with the Lufthansa Group as a network airline to take advantage of group synergies.”
The German company’s fifth network carrier will be ITA Airways.
In October 2021, ITA Airlines was established following the demise of the 75-year-old Alitalia airline.
With a fleet of 66 aircraft, the Italian airline supports 4,000 employees and carries 10 million passengers yearly.
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